Robinhood, a supreme American financial service provider, disclosed a subpoena by the United States Securities and Exchanges Commission (SEC). The revelation made in the annual report remarked that it received an investigative subpoena communed to cryptocurrency listing and platform functions. Further, the corporation likewise stated that its prominence could stand to take impairment because of a “stretched flaw” in the crypto market.
Presently, Robinhood has 18 cryptocurrencies listed on its forum. But not all coins are available for trading in all states. Cryptocurrencies like Avalanche (AVAX), Cardano (ADA), Compound (COMP), Polygon (MATIC), Shiba Inu (SHIB), Solana (SOL), Stellar Lumens (XLM), Tezos (XTZ), Uniswap (UNI) are not available for trading in New York. Whereas, Circle’s stablecoin USDC is not available for trading in New York and Texas.
The American financial service provider remarked that it received an investigative subpoena in December 2022. This transpired straight after the collapse of a leading cryptocurrency exchange – FTX, and several other crypto-firms filed for bankruptcy.
Notably, Robinhood is not the foremost crypto service provider to obtain a subpoena from the SEC. In August 2022, Coinbase, a top U.S.-based crypto exchange, disclosed an SEC subpoena. This too was linked to its cryptocurrency listing and functions.