Today, I saw many friends saying that the competitors of exchanges or brokers will become X, mainly because X not only provides search but also offers what appear to be trading "BUY" and "SELL" buttons. But does this mean X is going to engage in trading? I don't think so.
X itself is not a broker or a dealer and does not have a FINRA or SEC authorized securities trading broker license to execute stock trades directly for users. In fact, X is not even applying for trading-related licenses.
X holds payment and money transfer licenses. Its subsidiaries have indeed obtained money transfer and payment licenses in certain states in the U.S., allowing them to process payments, transfers, storage, or exchange of certain assets (including cryptocurrencies) under limited conditions. However, this is not a trading license.
For example, X can currently use cryptocurrency tips as a similar function, but it does not provide trading.
- X's positioning is as a platform that combines information and payment capabilities. Engaging in trading itself would increase regulatory pressure, and not everything needs to be done in-house. It is very likely that it will connect to third-party trading services, and the displayed Buy and Sell buttons may redirect users to partnered brokers or exchanges.
Moreover, Elon prefers to create a financial operating system rather than an exchange; otherwise, it would have been much easier for PayPal to engage in trading.
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