One of the famous Indian stock broking platforms, Groww, is halting its US stock investment and asked its users to withdraw funds or migrate before 30 June 2024.
Groww Halting US Stock Investments
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The startup has taken this action due to the non-complications that hinder the user experience the company says it stands for.
The company has sent emails to its users who have invested in US stocks that, starting 27 February 2024, users will not be able to buy US stock or add funds to their USD wallets. Users can also not sell US stocks or withdraw funds from their USD wallets after 31 March 2024. However, some sources have said the company might extend these deadlines to 30 June 2024.
The officials from Groww said they are going for this action because since they have facilitated their users to invest in the US market, they are facing various issues such as high withdrawal fees, adding USD funds, frequent downtimes, and delays in money settlement. All these factors are beyond the company’s control and hinder the experience Groww promises its customers.
However, the sources have also indicated that the company stopped new users from investing in the US market a year ago, and this new move will affect only a tiny fraction of its users, say around 4000 users.
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