Robinhood’s Planned IPO Faces Delays From SEC Over Crypto Business: Report
25 Jun, 2021•1 min read•Regulation
Robinhood Markets LLC’s planned initial public offering (IPO) is reportedly facing delays in its bid to go public because of its growing cryptocurrency business.
A report by Bloomberg on Thursday cites several people close to the matter who say the Securities and Exchange Commission have slowed plans for the stock trading app maker's IPO. Robinhood had been aiming for a June listing after initially filing in March. The goal now is to list next month ahead of the July 4 holiday season. Yet the timing could once again fall short and may slip into the fall according to the report, which cited a source wishing to remain anonymous because the matter was private. Robinhood has faced scrutiny from regulators this year who allege the site encourages the game-like nature of trading, especially when it comes to inexperienced retail traders.