Bullo, a financial technology startup, announced today it has completed its Series A funding round. The company said it will temporarily suspend its proprietary trading services as it pursues regulatory licensing in multiple jurisdictions. It wants to distance itself from the regulatory issues prop firms are currently grappling with.

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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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 had consulted with third-party experts and regulators before making this decision.

.@bulloai stops it’s services.

Share your thoughts 👇 pic.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 Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term, 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.” It also plans to enter the US market eventually.

However, it's difficult to determine exactly what the company is currently involved in. 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.