Bullo, a
financial technology startup, announced today it has completed its Series A
funding round and will temporarily suspend its proprietary trading services as
it pursues regulatory licensing in multiple jurisdictions and wants to distance
itself from the regulatory issues that prop firms are grappling with currently.
Bullo Secures Series A
Funding, Pauses Prop Trading Services
The
company, which has seen rapid growth since February, said the decision to pause
prop-based services stems from regulatory uncertainty surrounding proprietary
trading firms. Bullo’s board determined this move was necessary as the company
seeks licenses in “several Tier 1 jurisdictions.”
“We
firmly believe that regulation is essential for protecting traders,” Bullo
commented in the written statement. “While we may consider reintroducing
our prop-based services once there is regulatory clarity, it is not wise for us
to continue offering these services at this time.”
The startup
indicated it has consulted with third-party experts and regulators before
making this decision.
.@bulloai stops it’s services.
Share your thoughtspic.twitter.com/tAM16aIKp5
— TheTrustedProp (@TheTrustedProp) July 30, 2024
Bullo is
not the only prop firm facing issues recently. Funded Engineer announced the
“permanent closure” of its operations two weeks ago, effective
immediately, along with plans to file for bankruptcy, through its official
social media channels.
To avoid
closure and bankruptcy , MyFlashFunding has decided to sell its assets and
transfer its clients to a competing firm, Sway Funded. Meanwhile, in response
to the controversy, The Funded Trader announced the launch of a new company, Te
Futures Trader. However, clients are concerned that this could be “another
rug pull.”
The Robinhood of Europe
Bullo aims
to position itself as “the Robinhood of Europe, the UK and the Middle
East,” and it plans to eventually enter the US market.
However,
it’s difficult to determine exactly what the company is currently involved in,
as its official website, bullo.com, currently only states that it is “the
next-gen broker for traders” and that a new version of the services will
be presented on August 5, 2024.
Current
customers will receive detailed information via email regarding next steps. The
company stated it will ensure no customer is financially disadvantaged due to
this change. Bullo did
not disclose the amount raised in its Series A round or provide a timeline for
potentially reinstating prop trading services.
Bullo, a
financial technology startup, announced today it has completed its Series A
funding round and will temporarily suspend its proprietary trading services as
it pursues regulatory licensing in multiple jurisdictions and wants to distance
itself from the regulatory issues that prop firms are grappling with currently.
Bullo Secures Series A
Funding, Pauses Prop Trading Services
The
company, which has seen rapid growth since February, said the decision to pause
prop-based services stems from regulatory uncertainty surrounding proprietary
trading firms. Bullo’s board determined this move was necessary as the company
seeks licenses in “several Tier 1 jurisdictions.”
“We
firmly believe that regulation is essential for protecting traders,” Bullo
commented in the written statement. “While we may consider reintroducing
our prop-based services once there is regulatory clarity, it is not wise for us
to continue offering these services at this time.”
The startup
indicated it has consulted with third-party experts and regulators before
making this decision.
.@bulloai stops it’s services.
Share your thoughts— TheTrustedProp (@TheTrustedProp) July 30, 2024
Bullo is
not the only prop firm facing issues recently. Funded Engineer announced the
“permanent closure” of its operations two weeks ago, effective
immediately, along with plans to file for bankruptcy, through its official
social media channels.
To avoid
closure and bankruptcy , MyFlashFunding has decided to sell its assets and
transfer its clients to a competing firm, Sway Funded. Meanwhile, in response
to the controversy, The Funded Trader announced the launch of a new company, Te
Futures Trader. However, clients are concerned that this could be “another
rug pull.”
The Robinhood of Europe
Bullo aims
to position itself as “the Robinhood of Europe, the UK and the Middle
East,” and it plans to eventually enter the US market.
However,
it’s difficult to determine exactly what the company is currently involved in,
as its official website, bullo.com, currently only states that it is “the
next-gen broker for traders” and that a new version of the services will
be presented on August 5, 2024.
Current
customers will receive detailed information via email regarding next steps. The
company stated it will ensure no customer is financially disadvantaged due to
this change. Bullo did
not disclose the amount raised in its Series A round or provide a timeline for
potentially reinstating prop trading services.
This post is originally published on FINANCEMAGNATES.
