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Home»Regulation»Webull ended its crypto offering due to SEC opposition during previous IPO attempts
Webull ended crypto offerings due to SEC opposition during past IPO attempts
Regulation

Webull ended its crypto offering due to SEC opposition during previous IPO attempts

2024-02-28No Comments2 Mins Read
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Online brokerage Webull decided to limit its crypto offering due to the unfavorable regulatory landscape in the US as it awaits approval to list on Nasdaq through a special purpose acquisition company (SPAC), Bloomberg News reported on February 28.

The company said its previous attempt to conduct an initial public offering (IPO) was likely blocked due to its crypto-related services. Webull has attempted several initial public offerings (IPOs) but failed each time.

Webull’s US CEO Anthony Denier said:

“We weren’t successful for a variety of reasons… I can name a few, and I think the latest is exposure to crypto. The [SEC has] has not been kind, which is common knowledge.”

End of crypto services

According to Bloomberg, Webull has sold its digital asset business and shut down its crypto offering at the end of the third quarter of 2023 due to the SEC’s unclear rules for registered broker-dealers working with crypto.

The company continues to offer crypto buying and selling through the Webull Pay app in partnership with Bakkt, which is described as a separate company on the company’s support pages.

Despite Webull’s concerns about SEC regulation, at least one retail brokerage offering crypto services has managed to launch an IPO.

Webull’s main competitor, Robinhood, has been offering crypto trading features since 2018 and successfully completed its IPO in 2021.

Listing via SPAC

Webull is currently planning to list on Nasdaq through a $7.3 billion special purpose acquisition company (SPAC) deal with blank check company SK Growth Opportunities Corp.

Although there are several advantages, SPACs are generally considered less demanding than IPOs and, in particular, allow for upfront valuation.

See also  Former FTX director withdraws file, claims the US government has broken its promises - Judge will hear anyway

According to a press release, the deal will result in SKGR common stock trading under a new ticker label, while the combined company will adopt the name “Webull Corporation.”

The deal has not yet been completed, but is awaiting shareholder and regulatory approval.

SKGR shares were trading at $11.11 at the time of writing – up 1.18% over the last 24 hours.

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Attempts Crypto due ended IPO Offering opposition Previous SEC Webull
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