FINRA orders Robinhood to pay $70M due in part to 'significant harm' platform...
Regulators said the trading app should pay restitution to users like the 20-year-old who committed suicide after an erroneous negative balance appeared in his account. The U.S. Financial Industry Regulatory Authority is penalizing Robinhood to the tune of roughly $70 million based on the results of an investigation into the stock and cryptocurrency trading app.In a Wednesday announcement, the Financial Industry Regulatory Authority, or FINRA, said it had ordered Robinhood to pay $57 million in fines to the regulatory body as well as provide roughly $12.6 million in restitution to certain....
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Robinhood has been fined by FINRA and the finance company will have to pay roughly $70 million in penalties. The company was fined for causing what was described as “widespread and significant” harm to customers. FINRA announced that it had fined Robinhood $57 million. And ordered the company to pay $12.6 million in damages to […]
“Anybody who is getting laid off from a crypto platform and wants to work for FINRA, give me a call," said president and CEO Robert Cook. The United States Financial Industry Regulatory Authority, or FINRA, reportedly plans to “bulk up” its capability to monitor crypto — a move that could include scooping up employees recently terminated from crypto companies.According to a Tuesday Reuters report, FINRA president and CEO Robert Cook encouraged crypto workers who expect to be on the chopping block to reach out to the financial regulator as part of its efforts to increase resources related....
The Financial Industry Regulatory Authority (FINRA), the largest independent regulator in the US, issued an investor alert about bitcoin on 11th March, calling the digital currency "more than a bit risky" as part of a new warning to consumers and investors. FINRA said the alert aims to raise awareness about the downsides of bitcoin investments in light of the recent high-profile struggles of bitcoin business. Read the release: "FINRA is issuing this alert to caution investors that buying and using digital currency such as bitcoin carry risks. Speculative trading in bitcoins carries....
Robinhood's CEO said the platform's decision to halt buy orders on GME, NOK and AMC was based on a "technical and operational" one, not outside pressure.
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....