Robinhood says it was subpoenaed by the SEC soon after FTX crashed as regulators crack down on the crypto world
Robinhood said it received a subpoena from the Securities and Exchange Commission over its crypto business shortly after the collapse of FTX,
The investigative subpoena asked for information regarding the company's"supported cryptocurrency listings, custody of cryptocurrencies, and platform operations," it said. "To the extent that the SEC or a court determines that any cryptocurrencies supported by our platform are securities, that determination could prevent us from continuing to facilitate trading of those cryptocurrencies ," Robinhood said.
"It could also result in regulatory enforcement penalties and financial losses in the event that we have liability to our customers and need to compensate them for any losses or damages," it added. Robinhood was likely referring to the SEC's drilling into a slew of crypto companies following the shocking collapse of FTX that turned to industry on its head. It's taken aim at some big names like Gemini and Kraken, using rules onin a glitch that let its trading app customers temporarily short a meme stock.
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