In a filing late Monday, Robinhood Markets Inc. disclosed that the company had received a subpoena from the Securities and Exchange Commission (SEC). The subpoena was received in December, after crypto companies including FTX had filed for bankruptcy. Shares of Robinhood dropped 0.6 percent in the extended session Monday. FTX’s Sam Bankman-Fried is facing fraud charges after the collapse of the crypto exchange founded by him and others.
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According to several outlets Robinhood said in its filing that if a court or if the SEC says that any cryptocurrencies that were supported by the company’s platform were securities then the company could be prevented “from continuing to facilitate trading of those cryptocurrencies (including ceasing support for such cryptocurrencies on our platform).”
The company’s filing also said that its crypto business Robinhood Crypto LLC received an investigative subpoena on topics including “cryptocurrency listings, custody of cryptocurrencies and platform operations.”
This is not the first time that Robinhood has come under scrutiny or has received a subpoena. In April 2021, California Attorney General’s office sent a subpoena to Robinhood asking for “information about its crypto arm’s trading platform, business and operations, custody of customer assets and coin listings,” according to a report in CoinTelegraph.
The outlet also said that on August 2, the New York District of Financial Services imposed a $30 million fine on the crypto division of Robinhood as it had failed in its investment of “the proper resources and attention to develop and maintain a culture of compliance.”
In August 2021, Massachusetts’ Securities Division had scrutinized Robinson for its alleged targeting of inexperienced investors.”
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The outlet also noted that Robinhood declined to comment on the matter when it reached out to the company.
As cryptocurrency marketplaces and platforms are seeing a downturn, mainly after the spectacular crash of Sam Bankman-Fried founded FTX, followed by the collapse of other crypto companies, the crypto industry is facing a meltdown. Sources also said that card giants Mastercard and Visa are pausing their push into crypto.
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