Robinhood said it received subpoenas from the US Securities and Exchange Commission, or SEC, regarding its business. cryptocurrency The subpoena contains content about “Cryptocurrency Listing, Cryptocurrency Supervision, and Dedicated Platform Operations”
This SEC legal action could lead to a suspension of digital asset trading on the Robinhood platform, part of the list of essential risks to the company’s business.
“To the extent the SEC or the Court decides that Any cryptocurrencies backed by our platform are securities. it may prevent us from continuing to facilitate trading. those cryptocurrencies (including termination of support cryptocurrencies such on our platform),” said Robinhood.
Robinhood said it received a subpoena shortly after FTX filed for bankruptcy in November. The subpoena covers topics such as “Listing cryptocurrencies, custody of cryptocurrencies. , and operation of the platform”
Crypto trading on Robinhood is another growing business channel over the past 12 months. even if the market is down The platform also launched a crypto wallet to 10,000 iOS users in September, which uses Circle’s USDC stablecoin as its primary token.
The company’s CEO, Vlad Tenev, said in December that FTX’s collapse saw Robinhood gain more market share, however, crypto trading revenue also dropped in the fourth quarter, dropping 24%.
The post Robinhood revealed! Subpoenas from the SEC Regarding Crypto Business Shortly After FTX’s Bankruptcy appeared first on Bitcoin Addict.