British trading app Freetrade told clients Friday that it had disabled purchases of U.S. stocks.
The firm blamed the curbs on a decision by its foreign exchange provider and their bank to restrict trading volume.The website of U.K. stock trading app Freetrade.LONDON — British share trading app Freetrade told clients Friday that it had disabled purchases of U.S. stocks. Freetrade blamed the halt to U.S. stock purchases on a move by its currency exchange provider and their bank to limit the platform's trading volume. Freetrade uses U.K. fintech firm Currencycloud for foreign exchange transactions.
made an unexpected decision to significantly limit the volume of foreign exchange transactions it could process for Freetrade, a person familiar with the matter told CNBC. The person preferred to remain anonymous as they were not authorized to speak publicly.The move affects buy orders that were placed ahead of the U.S. market open, Freetrade said, while sell orders will also be restricted for a short period of time at the market open.
"We received no warning of what we consider an extremely poor decision," Freetrade's co-founder and CEO Adam Dodds said in a statement Friday. "We are deeply unhappy with this decision and we are doing everything possible to rectify the situation."
Dodge to $1 🥷🏿🥷🏿🥷🏿