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Robinhood Under Scrutiny: SEC Subpoenas Company Over Crypto Listings and Custody Practices

Gezim Osmani by Gezim Osmani
3 March 2023
in Cryptocurrency
Reading Time: 2 mins read
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Robinhood Under Scrutiny: SEC Subpoenas Company Over Crypto Listings and Custody Practices

Currently, cryptocurrency exchanges, brokers and coin holders are frequently subpoenaed by the Federal Reserve and the SEC. Moreover, this issue continues to be sharply criticized on many news sites in America. Most recently, the SEC subpoenaed Robinhood for its crypto activities. The US Securities and Exchange Commission (SEC) is putting more pressure on the cryptocurrency industry every day. This time, the SEC has taken Robinhood to court over its cryptocurrency-related conduct.

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What is the Reason for the Robinhood Case?

The SEC announced that it is suing Robinhood for its activities related to cryptocurrencies. The US Securities and Exchange Commission (SEC) is putting more pressure on the crypto sector after a disastrous year. Although it is often criticized in this regard, it should not be forgotten that there is a crowd in America arguing that the courts should have higher authority over cryptocurrencies.

After all, in the absence of such regulation, the outflow of such funds abroad increases incredibly fast if the cryptocurrency sector is not suppressed. Accordingly, companies with money and wallets can very quickly fall into the hands of foreign sources.

Robinhood Under Scrutiny SEC Subpoenas Company Over Crypto Listings and Custody Practices

To avoid such a negative situation, money flows in America are extremely cautious. At the same time, first the collapse of LUNA and then the bankruptcy of FTX have shown that the sector should be seriously suppressed.

Looking at recent cases and movements, this situation is clearly evident. In the medium and long term, the consequences of this situation can be seen even more clearly.

Seen As A Regulatory Measure

A statement from Menlo Park, California-based Robinhood said that the company received a subpoena in December related to cryptocurrency listings and custody. The investigation was launched following the bankruptcy of crypto exchange FTX, which led to a wave of regulatory action.

The year 2022 was a terrible one for the cryptocurrency industry. The death of Luna at the beginning of the year was followed by the failure of several established companies. Regulatory voices also grew louder after last year. However, the SEC’s pressure on the industry has increased.

It may get your attention: What Does Emin Gün Sirer Think About FTX?

Tags: cryptoftxrobinhoodsec
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Gezim Osmani

Gezim Osmani

Senior Journalist, Content editor Hi there! My name is Gezim, and I'm a Senior Journalist covering crypto and fintech. I have a passion for technology and finance, and I've spent years following the latest trends in the industry. My goal is to make complex financial concepts accessible to my readers. I strive to provide insightful analysis and explain the latest developments in the world of crypto and fintech in a way that is easy to understand. I believe that knowledge is power, and I want to empower my readers to make informed decisions about their finances. In addition to my professional pursuits, I also love to take photos. I find that photography allows me to capture moments and emotions in a way that words cannot. Whether I'm traveling to a new city or exploring the great outdoors, I always have my camera with me. Photography is a way for me to express my creativity and connect with the world around me. When I'm not working or taking photos, I also enjoy hiking and spending time in nature. There's something about being outside and surrounded by natural beauty that brings me peace and clarity. I also love to read, and I'm always seeking out new books and articles to expand my knowledge. Overall, I'm driven by a desire to help people understand the complex world of finance and technology. Through my writing, photography, and other pursuits, I'm committed to creating content that inspires and informs my readers. I believe that everyone has the potential to achieve financial success, and I'm here to help them along the way. I would love to connect and see how we can work together to shape the future of crypto anf fintech. Let's connect and see where our shared interests and expertise can take us!

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