PayPal is exploring a possible stock-trading platform for its U.S. customers.
Shares of PayPal jumped more than 3% following the CNBC report, while Robinhood shares lost more than 3%.
If PayPal did look to get full approval as a brokerage firm alone, it would need to complete a new membership process through the industry's main regulator, FINRA. That process could take more than eight months. PayPal has more than 400 million accounts worldwide. A PayPal stock-trading launch would come at competitive time for the fintech industry. Square, PayPal, Robinhood and
offer a list of overlapping products and describe the same mission of being a one-stop-shop for finance. Cryptocurrency and stock trading are seen as ways to keep consumers engaged on these payment platforms. While helpful for user growth and revenue, the retail trading boom has also invited more regulatory scrutiny.last week it is stepping up its inquiry into "gamification" and how brokerages use technology to interact with their customers. The agency mentioned behavioral prompts used by online brokerages and investment advisors that may encourage investors to trade more stocks and other securities and take on more risks.
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