• NoRamp Daily
  • Posts
  • Robinhood Discloses Wells Notice Over Its Crypto Business

Robinhood Discloses Wells Notice Over Its Crypto Business

Hi NoRamp Community,

Daily News:

1) Bitpanda Expands to UAE Hiring Former 1inch Exec to Lead Ops

2) Exodus Jumping Up to New York Stock Exchange

3) Robinhood Discloses Wells Notice Over Its Crypto Business

4) Visa & J.P. Morgan Partner to Drive Faster Domestic Payments in the US

5) Swaystack Launches Personalised Engagement Platform

Source: Cryptonews

Bitpanda Expands to UAE Hiring Former 1inch Exec to Lead Ops:
  • Austrian crypto exchange Bitpanda is expanding its operations to the Middle East, opening its first regional office in Dubai at the DMCC Crypto Centre, led by Walid Benothman, formerly of 1inch Network.

  • Bitpanda is in the process of obtaining its Financial Services Permission (FSP) in the UAE and is working closely with local regulators to ensure full compliance. The UAE was chosen for its investor demand and progressive regulatory environment, which supports fintech innovations.

  • The expansion marks Bitpanda's first venture outside Europe, driven by the UAE's tech-friendly banking and crypto-supportive regulations. Bitpanda also plans to introduce its trading infrastructure business, Bitpanda Technology Solutions (BTS), in the region within three months, following the finalization of its local license.

Source: Decrypt

Exodus Jumping Up to New York Stock Exchange:
  • Exodus Movement, the developer behind Exodus Wallet for Bitcoin, received approval to list its common stock on the New York Stock Exchange under the ticker EXOD. The company's CEO, JP Richardson, highlighted that Exodus is unique in having its stock tokenized on the Algorand blockchain.

  • The listing follows SEC qualification under Regulation A, allowing Exodus to raise capital publicly in a regulated manner. Previously, Exodus became publicly traded in 2021, raising $60 million shortly after listing its stock with broker-dealer tZero.

  • Richardson emphasized the advantages of tokenized stock, including ease and speed of trading similar to cryptocurrencies, potential for blockchain-based dividend payouts in USDC, and enhanced corporate governance through direct blockchain voting. Despite regulatory challenges in the cryptocurrency space, Richardson remains optimistic about the future of tokenized public securities.

    Source: Blockworks

Robinhood Discloses Wells Notice Over Its Crypto Business:
  • Robinhood Crypto has received a Wells notice from the SEC, indicating potential enforcement actions due to alleged violations of the Securities Exchange Act. This notice relates to Robinhood's cryptocurrency listings, custody practices, and platform operations.

  • The SEC's potential enforcement could lead to a range of legal actions and remedies, including civil injunctive action, public administrative proceedings, cease-and-desist orders, disgorgement, penalties, and restrictions on Robinhood's activities.

  • Despite ongoing cooperation with the SEC and attempts to clarify regulatory status, Robinhood's chief legal and compliance officer, Dan Gallagher, expressed disappointment over the notice. He asserts that the assets listed on Robinhood's platform are not securities and looks forward to demonstrating the weakness of any case against them based on the facts and the law. The firm is also preparing to announce its earnings soon.

Visa & J.P. Morgan Partner to Drive Faster Domestic Payments:
  • Visa and J.P. Morgan Payments have formed a strategic partnership to enhance merchant experiences and drive innovation in domestic payments in the US, focusing on introducing faster payment solutions.

  • The collaboration leverages Visa Direct’s real-time reach to bank accounts and J.P. Morgan Payments' expertise in money movement solutions, aiming to streamline payment processes, improve liquidity management, and increase convenience for customers.

  • Both Visa and J.P. Morgan Payments are committed to transforming the financial ecosystem by integrating their services and technologies to ensure seamless, secure, and accessible money movement for businesses and consumers across North America.

Swaystack Launches Personalised Engagement Platform:
  • Fintech startup Swaystack has launched its personalized engagement platform aimed at enhancing digital channel growth and creating tailored experiences for banks and credit unions.

  • The platform integrates with core banking systems, data warehouses, and other key data sources, utilizing an insights engine to analyze consumer account, transactional, and behavioral data to generate targeted product recommendations.

  • Swaystack's platform is designed to help banks and credit unions compete with larger banks and neobanks by offering personalized digital engagement and omnichannel campaign capabilities. The company's CEO, Har Rai Khalsa, emphasizes their commitment to enabling clients to stand out through strategic messaging orchestration.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.

NoRamp chatted with Mike Seckler, CEO of Justworks, and Maite Diez-Canedo, Co-Founder of Via. Justworks recently acquired Via to form Justworks International.

We talk on how the idea for Via came to be, Justworks’ amazing synergistic exercise while considering acquiring Via, the future of the HR industry, and much more. Mike and Maite are incredible entrepreneurs and there’s a lot to learn from both of them. Check out our conversation: