Robinhood Faces Legal Issues Over Recent Trading Halts & Other Issues.

Robinhood Faces Legal Issues Over Recent Trading Halts & Other Issues.

2021-02-27 | Robin Williams

Robinhood Faces Legal Issues Over Recent Trading Halts & Other Issues.

Robinhood, the renowned trading application for stock, options, gold and crypto assets, has revealed that it's fielding enquiries from several United States watchdogs over recent trading halts & other issues. In line with a recent official report by Reuters today, the firm added on Friday that it's in settlement talks with the Financial Industry regulatory agency over temporary curbs to the trading of certain stocks, as well as its policies on options trading. It's also been contacted by the SEC [Securities and Exchange Commission] & therefore the New York Attorney General’s Office, as per the official report. Robinhood had put a halt to the trading shares of GameStop [GME] like Nokia [NOKIA] and AMC Entertainment Holdings [AMC] and later crypto assets as a social media-driven retail trading frenzy attempted to force a squeeze on short sellers earlier in January. The restrictions were later lifted, with Robinhood citing a spike in clearinghouse collateral requirements as the reason for the curbs. Some of the regulator inquiries also reportedly associated with the hacks of Robinhood user accounts earlier in October. The brokerage is predicted to launch an IPO this year at a valuation of $20 Bln, Reuters added.

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