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Digital investment brokerage Webull Corporation faced significant obstacles in its quest to go public, largely attributed to its cryptocurrency offerings, as disclosed by the companys U.S. CEO on Wednesday.

The online brokerage, aiming for a U.S. listing through a merger with special purpose acquisition company (SPAC) SK Growth Opportunities Corp. SKGR , has seen its journey marked by regulatory challenges and strategic shifts, particularly around its crypto operations.

The proposed merger, valuing the combined entity at approximately $7.3 billion, is set to elevate Webull onto the Nasdaq, contingent upon approval from shareholders and regulators.

This development followed several thwarted attempts at an initial public offering, with Anthony Denier, Webulls U.S. CEO, citing various impediments, including the platforms exposure to cryptocurrency, as significant obstacles.

The SEC has not been friendly, which is widely known, Denier remarked in an interview with Bloomberg News.Webull Steers Away From Crypto To Secure Nasdaq Listing

Founded by Wang Anquan, an alumnus of Alibaba Group Holding Ltd. BABA and Xiaomi Corp., Webull ventured into crypto trading in 2020, aiming to compete with platforms like Robinhood Markets Inc. HOOD .

However, the regulatory landscape concerning crypto trading prompted Webull to divest its digital asset business and eliminate cryptocurrency trading from its offerings globally by the end of the third quarter, as stated by Denier. This decision underscored the regulatory ambiguities faced by registered broker dealers in the crypto space, leading to a cautious retreat from these offerings.

Despite these challenges, Webull maintained crypto- and forex-related information on its website, providing market data and educational content for informational purposes only, without offering actual trading in these products, as specified by the company.

Webull has a robust 20 million registered users across 15 regions worldwide and manages $370 billion in equity notional volumes. Recently, the broker announced a partnership with the NBA's Brooklyn Nets and the WNBA's New York Liberty as the official basketball jersey patch partner.

Now Read: Webull To Go Public With SPAC Merger: What Investors Need To KnowLoading… Loading…

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Biden delivers election-year roasting for Trump but ignores anti-war protesters outside

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Biden delivers election-year roasting for Trump but ignores anti-war protesters outside

US President Joe Biden has delivered an election-year roasting of his rival Donald Trump, criticising his immaturity.

Speaking at the annual White House Correspondents’ Association dinner on Saturday night, the 81-year-old responded to concerns that he is too old for a second presidential term.

“Yes, age is an issue – I’m a grown man running against a six-year-old,” he said, referring to his 77-year-old Republican opponent.

But in a more serious moment, the president told the gathered reporters: “I’m sincerely not asking you to take sides.

“I’m asking you to rise up to the seriousness of the moment.

“Move past the horse race numbers and the gotcha moments and the distractions, the sideshows that have come to dominate and sensationalise our politics, and focus on what’s actually at stake.”

Mr Biden did not acknowledge the hundreds of demonstrators standing outside the event calling for an end to US support of Israel.

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Earlier, he had arrived at the venue through a back entrance, avoiding most of the protesters.

People demonstrate in support of Palestinians in Gaza, during a protest near the annual White House Correspondents’ Association (WHCA) Dinner in Washington, U.S., April 27, 2024. REUTERS/Nathan Howard
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Pic: Reuters

Outside the main entrance, some shouted “Shame on you!”, running after well-dressed attendees as they hurried inside for the dinner.

Some chanted accusations that US journalists are not paying enough attention to the war and are misrepresenting it, shouting: “Western media, we see you and all the horrors that you hide”.

They were not alone – more than two dozen journalists in Gaza wrote a letter last week calling on their US-based colleagues to boycott the dinner.

The letter said: “The toll exacted on us for merely fulfilling our journalistic duties is staggering.

“We are subjected to detentions, interrogations and torture by the Israeli military – all for the ‘crime’ of journalistic integrity.”

Read more:
Hamas releases video of hostages as efforts to broker a ceasefire in Gaza continue
British troops delivering aid in Gaza ‘an option’
Student anti-Israel protests continue to sweep the US, with almost 550 arrests

Israel declared war on Hamas and launched an air and ground offensive in Gaza in response to the attack on southern Israel on 7 October, when Hamas killed about 1,200 people in Israel and took another 250 hostages.

More than half of Gaza’s 2.3 million people have sought refuge in Rafah, where Israel has conducted near-daily raids as it prepares for a possible offensive in the city.

More than 34,000 Palestinians have been killed during the Israel-Hamas war, according to the Hamas-run Gaza health ministry.

At the beginning of April, Reporters Without Borders said more than 105 journalists had been killed in the area since 7 October, with at least 22 of them killed in the course of their work.

The protests outside the correspondents’ dinner come as a protest movement sweeps across US universities – a growing revolt within a demographic Mr Biden will need to beat Mr Trump.

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Sports

Matthews (ill) held out of 3rd as reeling Leafs lose

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Matthews (ill) held out of 3rd as reeling Leafs lose

TORONTO — Star center Auston Matthews did not finish Saturday night’s Game 4 because of an illness, as the Toronto Maple Leafs fell 3-1 to the Boston Bruins.

Toronto now finds itself on the brink of elimination in its first-round playoff series, with a must-win Game 5 on Tuesday in Boston.

Coach Sheldon Keefe previously confirmed Matthews played through an illness in Game 3, and Matthews had been absent from multiple team sessions while recovering. It was more of the same in Game 4 when Matthews logged 14:16 in ice time before not returning after the second intermission.

“It is all related to the illness he’s dealing with,” Keefe said, responding to a reporter’s question on why Matthews didn’t return for the third period. “The doctors pulled him.”

Matthews was Toronto’s hero in Game 2, scoring the game-winning goal and notching two assists to lift the Maple Leafs to a 3-2 victory.

It was the Bruins again taking it to Toronto early Saturday. Boston jumped out to a 1-0 lead off James van Riemsdyk‘s opening goal to enter the second period ahead 1-0, and it quickly added to its lead with a power-play goal from Brad Marchand. David Pastrnak collected another with 41 seconds left in the middle frame to afford Boston a 3-0 advantage going into the third.

Toronto has now lost six straight playoff games at home, a streak dating to the 1970s, and has been outscored 21-11 in that stretch of home contests. The Leafs have also scored three or fewer goals in 11 consecutive postseason tilts to date.

Emotions were visibly boiling over for Toronto on the bench in Saturday’s loss, with cameras capturing Matthews, Mitch Marner and William Nylander — back in the lineup after missing the series’ first three games with an undisclosed injury — exchanging verbal barbs.

“We’re grown men,” Marner said of their exchange. “We’re just talking about plays out there that we all want to make sure we’re 100% on. Just a little off page there. We’re not yelling at each other because we hate each other. We just all want to be on the same page and help each other out.”

Marner was the lone goal scorer for Toronto when he broke through with his first of the playoffs to cut Boston’s lead to 3-1 in the third period. That was all Toronto could muster, though, offensively. The Leafs’ power play continued to misfire and finished 0-for-3 in Game 4, to put them 1-for-14 on the man advantage in the series to date. Meanwhile, Boston has capitalized on its special teams’ opportunities with another power-play goal on Saturday (6-for-13 in the playoffs).

The gravity of Toronto’s situation now isn’t lost on anyone.

“We’re down 3-1,” Nylander said. “It’s not a great spot to be in.”

Keefe opted to make a goaltender change for the final frame by inserting Joseph Woll for Ilya Samsonov, who had allowed three goals on 16 shots (.813 save percentage). The Leafs’ coach declined to name a starter for Game 5.

“The reason for [the swap] is we’re just trying to change things,” Keefe said. “You get to get Joe involved. That’s really it. You’re trying to change the momentum. We’ve got some time here to talk it through [before Game 5].”

Boston went back to Jeremy Swayman in its net to break the goalie rotation it had cultivated between him and Linus Ullmark. Swayman had led Boston to victory in Game 1 and Game 3; Ullmark started the Bruins’ lone losing effort in Game 2. Coach Jim Montgomery explained on Saturday the plan had been to give each of Swayman and Ullmark a postseason start and then decide on a regular goaltender from there. Given Swayman’s success, it was an easy choice for Montgomery to keep him in the crease.

Montgomery had previously questioned if Swayman was “in [the Maple Leafs’] heads,” given his success against them all season. Swayman is now 6-0-0 against Toronto and holds a .956 save percentage through three postseason games.

Keefe felt it wasn’t for lack of trying that Toronto hadn’t been able to crack Swayman.

“I don’t sense any frustration,” he said. “Guys are pushing one another, guys are competitive, guys want to win. It’s all part of it.”

Toronto can only turn the page now to Game 5 on Tuesday, where the Leafs will extend — or end — their season.

“There was nothing wrong with our effort level here tonight,” Keefe said. “Guys are competing. It’s physical hockey. Guys are trying. That’s a good team over there. It’s limiting us. You can question a lot of things, can’t question the effort.”

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Politics

Google Cloud’s Web3 portal launch sparks debate in crypto industry

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<div>Google Cloud's Web3 portal launch sparks debate in crypto industry</div>

Google Cloud recently launched a Web3 portal with testnet tools, blockchain datasets, and learning resources for developers, receiving mixed reactions from the crypto industry.

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