THELOGICALINDIAN - The American balance regulator has reportedly been analytic Robinhood over its crypto pursuits
The SEC has reportedly delayed Robinhood from captivation an IPO due to apropos over the trading’s app crypto business.
Robinhood IPO Affected by Crypto
The Securities and Exchange Commission (SEC) has adjourned Robinhood from captivation an IPO due to the firm’s crypto pursuits, Bloomberg has reported.
According to sources quoted in the report, the U.S. close has affianced in discussions with regulators over the aftermost few weeks.
The address added that the questions presented to Robinhood were focused on the firm’s crypto operation. The names of the cadre were withheld as it is an advancing clandestine matter.
Robinhood currently allows trading in seven cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Dogecoin, Bitcoin SV, Ethereum Classic.
According to the company’s latest banking report, it surpassed 13 actor users in 2020, with a 500% access in acquirement back 2019. The advance of the close has connected into 2021. In January, the aggregation added 3 actor users to its crypto arm. The trading app was at the centermost of the GameStop clasp led by Reddit accumulation WallStreetBets, as able-bodied as an orchestrated Dogecoin pump, at the aforementioned time.
The aggregation had initially planned to go accessible via an Initial Accessible Offering in June. The advertisement was again delayed until July because of the anniversary season. According to the Bloomberg report, the proposed IPO may now be delayed until fall.
Before the pandemic, Robinhood had aloft funds at a appraisal of $11.7 billion. The accepted projected appraisal of the close in accessory markets is $40 billion.
