Bittime - Roaring Kitty, a name familiar to meme coin fans, may soon be banned from trading on the ETrade platform. This stock trading platform under the auspices of Morgan Stanley is considering blocking the trading account of Roaring Kitty, whose real name is Keith Gill.
Roaring Kitty Suspected of Manipulating Stocks
ETrade's concerns stem from Roaring Kitty's recent trading activity, which has again focused attention on GameStop (GME) shares. ETrade internal sources revealed that the company was increasingly concerned about the potential stock manipulation that Roaring Kitty might carry out through the purchase of GME shares.
Morgan Stanley employees have been monitoring Roaring Kitty's ETrade account since its reappearance on Twitter in mid-May 2024. They discovered Roaring Kitty's purchase of call options before her tweet was published. Allegedly, Roaring Kitty's tweet which triggered an increase in GME share prices had an impact on the profits obtained from the trade.
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ETrade Intends to Block Roaring Kitty's Trading Account
With this new wave of activity related to GME, ETrade seems intent on stopping Roaring Kitty's trading activity. Morgan Stanley is even reported to have involved their internal financial crimes unit as well as external legal advisors to handle this case.
However, the decision to block Roaring Kitty's account was not an easy one for Morgan Stanley. They are aware that this action has the potential to attract the attention of Roaring Kitty's meme army, the name for retail investors who follow in their investment footsteps. Apart from that, Morgan Stanley employees are also worried that blocking the Roaring Kitty account could have a negative impact on the number of ETrade customers.
Comply with Capital Market Regulations
ETrade's plan to block Roaring Kitty's trading account creates a dilemma for stock brokerage companies. On the one hand, ETrade has an obligation to comply with capital market regulations and prevent potential stock manipulation.
Roaring Kitty's trading activities, which allegedly bought call options before his tweet was published, as well as the potential profits made from the increase in GME share prices, have indeed sparked these concerns.
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Can Negatively Impact Etrade's Image
On the other hand, Roaring Kitty has a very strong retail investor base. The nickname "Roaring Kitty" attached to it has become a symbol for the retail investor movement that rocked Wall Street in 2021. Blocking Roaring Kitty accounts could anger these investors and have a negative impact on ETrade's image. ETrade's decision regarding the Roaring Kitty account is still not final. The development of this case will certainly be interesting to follow, especially how ETrade will find a common ground between regulatory compliance and maintaining good relations with retail investors.
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How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
GameStop on Fire! Roaring Kitty Returns, Nostalgic 2021?
Roaring Kitty Returns to Reddit After Hiatus, Triggers GME Surge
The Return of "Roaring Kitty", Prices of Meme Coin $KITTY and $GME Skyrocket!
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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