Trading app Robinhood settles SEC charges for $65 million
The SEC says the trading app misled users by claiming to be commission-free, while charging extra on execution prices that it got back from the market makers. Robinhood has staved off a suit from the Securities and Exchange Commission by agreeing to pay $65 million. The trading app, which takes its name from the English folk hero who stole from the rich to give to the poor, made its name by making investing simpler for newcomers. Per a Thursday announcement from the SEC, Robinhood deceived its users as to where its money was actually coming from between 2015 and 2018, citing:"Material....
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The New York State Department of Financial Services (DFS) has fined Robinhood Crypto $30 million for “significant failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) obligations and cybersecurity.”
Robinhood Crypto Settles With the DFS
The New York State Department of Financial Services (DFS) announced Tuesday that Robinhood Crypto LLC (RHC) will pay a $30 million penalty to New York State for “significant failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) obligations and....
Trading platform Robinhood has rolled out its new crypto wallets to more than two million customers. In addition, Robinhood CEO Vlad Tenev announced that the platform will integrate with the Lightning Network “to bring even lower costs to our customers.”
More Than 2 Million Users Can Now Use Robinhood Crypto Wallets
Popular trading platform Robinhood made an announcement Thursday about its new crypto wallets at the Bitcoin conference in Miami, Florida. Robinhood Chief Product Officer Aparna Chennapragada shared:
We’ve rolled out crypto wallets to every....
Global cryptocurrency derivatives exchange Bitmex has settled charges with the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN). The exchange has agreed to pay as much as $100 million to end investigations by the two agencies. Bitmex Settles With CFTC and FinCEN Bitmex confirmed Tuesday that “it has reached a resolution with both the United States Commodity Futures Trading Commission (CFTC) and Financial Crimes Enforcement Network (FinCEN) in relation to investigations by both agencies.” The company wrote: Bitmex agreed to....
Around 41% of Robinhood’s quarterly revenues were generated by crypto trading. Popular retail trading app, Robinhood, has revealed crypto trading surged in popularity on the platform and now represents 41% of its revenue.According to its second-quarter financial results published Aug. 18, the firm generated $233 million from crypto trading services for the quarter, up from $5 million for the entirety of 2020. More than 60% of funded Robinhood accounts traded digital assets during Q2 2021.With early 2021 witnessing the speculative dog-token trading frenzy, a whopping 62% of Robinhood’s....
Popular trading platform Robinhood has partnered with blockchain data platform Chainalysis to meet compliance requirements. Robinhood is preparing to launch its wallet, which has a waitlist of more than 1.6 million users.
Robinhood Partners With Chainalysis for Compliance
Blockchain data analytics firm Chainalysis announced Monday “an integrated partnership with online brokerage app Robinhood Crypto.” The company explained:
Robinhood will leverage Chainalysis data and tools to meet compliance requirements and provide Robinhood customers with the confidence....