Robinhood Temporarily Disables Instant Deposits For Crypto's.

Robinhood Temporarily Disables Instant Deposits For Crypto's.

2021-01-29 | Robin Williams

Robinhood Temporarily Disables Instant Deposits For Crypto's.

Stock & cryptocurrency trading platform Robinhood has temporarily disabled instant deposits for crypto purchases as of today on Friday, citing "extraordinary market conditions." However, users are still able to purchase cryptocurrency using settled funds that have earlier been deposited, although such deposits can take up to 5 business days to clear. A Robinhood spokesperson told CNBC that the firm would "keep monitoring market conditions along with communicating with our users. Robinhood has faced recent criticism for suspending the trading of a variety of traditional stocks, along with GameStop, that were being supported by retail investors to the detriment of Wall Street hedge funds. This prompted United States congresswoman Alexandria Ocasio-Cortez to explain the move as unacceptable. Ocasio-Cortez, who sits on the House FSC [Financial Services committee], then hosted an hour-long Twitch stream, discussing the subject with a variety of guests, which pulled in 300k viewers. One of the questions that the congresswoman posed was: "How does one actually shift power back to the hands of everyday people? Ultimately that is what this is often about.” Robinhood's "Instant Buy" functionality might be a paid feature that offers users instant access to funds from bank deposits & stock trades. The suspension of instant purchasing power for cryptocurrency via the trading app comes hot on the heels of an equivalent group of retail investors, led by Redditors from the r/Wallstreetbets subreddit, pumping Dogecoin [DOGE] to surge over 900%. This has led to the meme-based coin reentering the highest 10 digital assets by market capitalization for the primary time since 2015.

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