The commission-free trading website Robinhood, which lets users exchange stocks, options, and cryptocurrencies, has received a subpoena from the Securities and Exchange Commission (SEC) of the United States. The demand relates to the business’s cryptocurrency trading operations.
With millions of users purchasing and selling cryptocurrencies on the app, Robinhood has been at the forefront of the cryptocurrency trading revolution. The business has previously come under fire for its lack of regulation compliance and transparency in the cryptocurrency industry.
The SEC’s action is a part of a larger campaign against activities connected to cryptocurrencies. Initial coin offerings (ICOs) and cryptocurrency exchanges are just two examples of the businesses the agency has been actively pursuing that provide services and products connected to cryptocurrencies.