Robinhood – the US-based stock and crypto-focused financial services firm – has reportedly dropped its submitted paper for bank charter with the Office of the Comptroller of the Currency.

Reported by CNBC on November 27, Robinhood has decided to withdraw its initial application with the department, since the process of receiving a charter could raise numerous problems. 

“Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone.” A representative from the firm claimed. 

Previously, Robinhood has submitted the required document to obtain a bank charter with the US Office of the Comptroller of the Currency back in April this year, claiming that was its first initiative in the process of providing traditional banking products and services.

The full-service bank will be normally functional simultaneously with the mobile-based trading firm, which offers facilitation for transactions of digital coins, funds and options, both on PC and mobile devices. 

Robinhood has experienced thorough regulatory examination from the government, following its rebranding effort, changing the services’ name to “cash management”, and eliminate references to deposit protection. The firm was then accused of not being completely transparent to over 850,000 of its clients.