PayPal's former finance chief says Bank of America closed his account with 'absolutely no explanation'
PayPal's former finance chief revealed Bank of America closed his account without giving a reason, sparking conspiracies that he may have been banned for trading bitcoin or other cryptocurrencies. Roelof Botha is a partner at Sequoia Capital and a board member of Square, Bird, and other technology companies.Botha tweeted that the bank "decided to fire me as their customer" after 20 years.Seed investor Manu Kumar replied to Botha's tweet saying Bank of America also shut his fund's account at the start of this year without giving an explanation.View Business Insider's homepage for more stories.
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Robinhood Markets Inc. is pulling its application for a banking charter just months after starting the process, underscoring the challenges for startups trying The application , filed with the Office of the Comptroller of the Currency, would have allowed the no-fee stock trading company to offer banking
Robinhood has pulled its application to become a full-service bank, the company confirmed on Wednesday.
"We are voluntarily withdrawing our OCC application for a national bank charter. Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone," a Robinhood spokesperson said in an email to Markets Insider and other outlets.
They added: "We appreciate the efforts and collaboration of all the parties we worked with throughout this process."
The move isn't expected to alter the company's long-term plans, according to, which first reported the news on Wednesday.
Blackstone to invest $400 million in gene therapy venture with Ferring
Blackstone to invest $400 million in gene therapy venture with FerringInvesting in yet-to-be-approved medicines is a lucrative but also risky proposition for buyout firms, and only few have had the stomach to place such bets. Blackstone made its foray in the sector last year, acquiring Clarus, an investment firm specializing in life sciences.
Robinhood Stock trading app has reportedly been in talks with the OCC in hopes to achieve a national banking charter. The idea is to become a more official banking platform , covering all bases; from cryptocurrency to stocks and fiat accounts for its customers.
Robinhood Trading Platform . Since the web platform release date was announced for 2018, an Trading platform reviews are divided when it comes to Robinhood ’s mobile app offering, which until Note customer service assistants cannot give tax advice. Instead, head to their official website
The stock-trading startup filed thewith the Office of the Comptroller of the Currency earlier this year.
If Robinhood continued with the process and the application was approved, the company could have offered customers its own banking products such as a debit card without needing to partner with another bank.
Last year, the companyno-fee checking and savings accounts without coordinating with key government regulators regarding how the accounts would be insured.
Robinhood shut down the initiative after facing intense scrutiny from financial lawmakers and regulators.
In October, the company announced it planned to roll out a feature called "," which would allow customers to earn interest and spend the uninvested cash in their brokerage accounts.
JPMorgan banker says he spent a year meeting regulator in Australian cartel case .
JPMorgan banker says he spent a year meeting regulator in Australian cartel caseThe account from Mark Dewar, JPMorgan's Australian head of trading, gives a sense of the level of cooperation between the bank and the Australian Competition and Consumer Commission (ACCC) before the regulator ordered cartel charges over a A$2.5 billion ($1.70 billion) capital raising.