Robinhood Markets, the popular brokerage known for its commission-free trading, has recently disclosed that it received an investigative subpoena from the United States Securities Exchange Commission (SEC) in December 2022. The subpoena was related to its cryptocurrency listings, custody services, and platform operations. This came after several major cryptocurrency trading venues and lending platforms filed for bankruptcy earlier in the year, including FTX, Three Arrows Capital, Voyager Digital Holdings, and Celsius Network. The SEC’s inquiry into Robinhood’s crypto business is aimed at obtaining information necessary to decide whether to pursue legal action against the company.
This is not the first time Robinhood has been under scrutiny for its crypto business. In April 2021, the California Attorney General’s Office issued subpoenas seeking information about Robinhood’s crypto trading platform, business and operations, custody…
