International stock broker, Passfolio has announced plans to shut down operations in Nigeria and other markets outside the United States of America.
According to the report, Passfolio’s United States securities clearing broker, DriveWealth, is mandating a move to a new clearing broker.
As such, Passfolio will have to close all its accounts. By implication, its clients outside the U.S will have to sell all their assets stored in different Passfolio account like PassEarn, Pass Securities, and Smart Portfolio.
Also, Passfolio’s crypto wallet will be shut down too.
In a mailed message to customers, Passfolio stated that its inabilty to support residences outside Nigeria prompted the closure decision.
Passfolio users have until July 15, 2022 to sell off their stock and crypto holdings.
Passfolio boasts a clientele that spans dozens of countries. It offers lesser spread and relatively cheaper trading fee as its unique proposition.
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