Civil Plaintiff
Robinhood Expected to Pay a Minimum of $26.6M to Settle a FINRA Fine
In brief
- Robinhood is dealing with multiple regulatory probes and expecting to pay a financial regulator a minimum of $26.6 million in a potential settlement.
- It’s not all gloom and doom for the company, which is preparing to go public—Robinhood is valued at $20 billion, and added 6 million crypto users already in 2021.
Robinhood, the popular stock trading app, announced on Friday that US regulators were preparing to probe its trading restrictions on shares of GameStop (GME) and others.
The company said in a filing with the US Securities and Exchange Commission that it is cooperating right now with investigations by a number of regulatory bodies, including the SEC, the Financial Industry Regulatory Authority (FINRA), and the New York Attorney General’s Office.
Decrypt has reached out to Robinhood for further comment.
