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The following is the Fintech Daily Information Briefing on [December 18, 2020] recommended by recordtrend.com. And this article belongs to the classification: Fintech Daily Briefing.
. Robinhood, an online brokerage, received a $65 million fine for misleading users
On December 17, 2020, the U.S. Securities and Exchange Commission (SEC) issued an announcement, issuing a $65 million fine to online brokerage Robin Hood. The SEC noted that during 2015-2018, Robin Hood made misleading statements in its customer communication process (including the content of its website’s FAQ page), such as failing to disclose its actual profitability by pushing customer orders to third-party agencies. In addition, during the period from October 2018 to June 2019, Robin Hood’s order execution quality did not reach the claimed “best transaction execution”, resulting in a large loss of funds for users. “A lot of companies are looking to leverage the power of technology to provide more ways for people to invest,” said Erin E. Schneider, director of the SEC’s San Francisco regional office. However, innovation does not offset the responsibility under the Federal Securities Act. “
. World Economic Forum releases its first digital asset Report
Recently, the World Economic Forum (WEF) global future Council on cryptocurrencies released its first digital asset report (crypto, what is it good for? – an overview of cryptocurrency use cases). The report points out that there are many articles on blockchain technology, but people do not seem to pay much attention to the field of cryptocurrency except for price and financial speculation. In this report, the Council focuses on a series of “basic layer” agreements, sub agreements and service providers to help people understand the services of cryptocurrency in financial services and other fields unrelated to financial technology, so that social economy can get more benefits from this innovative mode.
. The crypto asset exchange coinbase is also going to IPO?
According to official sources, coinbase global, Inc. announced that it had submitted a draft form S-1 registration statement to the securities and Exchange Commission (SEC). The S-1 form is expected to take effect after the SEC completes its review process, subject to market and other conditions. Coinbase stressed that this announcement does not constitute an offer to sell or an offer to purchase any securities. Any offer, invitation or offer to purchase or any sale of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended. This announcement is issued in accordance with Article 135 of the securities law.
. Digital bank n26: plan to refinance, listed as early as 2023
N26, a digital bank, said in an interview with Reuters recently that the company may conduct an initial public offering (IPO) as early as 2023 and plan to conduct another round of financing before that. In addition, n26 also said that it is expected to break even in 2021. N26 was founded in 2013 and headquartered in Germany. At present, it has raised more than 370 million US dollars, and the total number of users has exceeded 5 million. A year ago, n26 entered the U.S. market and cooperated with Axos bank to provide locally regulated banking services, with more than 500000 users. Influenced by brexit, n26 decided to withdraw from the UK market and focus on core markets such as Germany, France, Spain and Italy in the later stage, and intends to enter the Brazilian market.
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