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The U.S.-based financial services company Robinhood has withdrawn its bank charter application with the Office of the Comptroller of the Currency, CNBC reports.

According to a Robinhood spokesperson, the withdrawal "was voluntary."

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The spokesperson claims Robinhood will continue to focus on increasing participation in the financial system and challenging the industry to better serve everyone.

"We appreciate the efforts and collaboration of all the parties we worked with throughout this process," the spokesperson added.

Earlier iHodl reported that the U.S.-based financial services company expanded its services in eight new states, including Delaware, Kentucky, Louisiana, Maine, Maryland, Minnesota, Nebraska, and Vermont.

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