Robinhood Receives SEC Subpoena for Its Crypto Business

Robinhood Receives SEC Subpoena , for Its Crypto Business.

MarketWatch reports that the subpoena was revealed in a filing on Feb.

27.

Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.

Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.

The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.

The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.

MarketWatch reports that if it is determined that any cryptocurrencies on the trading platform are securities, .

It could stop Robinhood “from continuing to facilitate trading of those cryptocurrencies (including ceasing support for such cryptocurrencies on our platform).”.

Robinhood's board recently authorized the company to repurchase over 50 million shares that were previously bought by FTX founder Sam Bankman-Fried and seized by the DOJ.

Robinhood's board recently authorized the company to repurchase over 50 million shares that were previously bought by FTX founder Sam Bankman-Fried and seized by the DOJ.

Robinhood reports that it ended 2022 with $2.91 billion available in credit and $6.3 billion in cash and cash equivalents.

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MarketWatch reports that Robinhood shares dropped 0.6% on Feb.

27.

Over the past year, the company's shares have dropped 16.3%