The company, which also is facing a U.S. Securities and Exchange Commission inquiry, finds itself in regulators’ crosshairs despite legal chief Dan Gallagher’s pledge to improve the company’s compliance culture and work collaboratively with regulators.
September 05, 2024 at 08:24 AM
3 minute read
The California Department of Justice said it has slapped Robinhood with a $3.9 million penalty after finding that the crypto and stock trading platform did not allow customers access to the cryptocurrency in their wallets, misled customers about the best crypto trade rates, and was not transparent about who held their assets.
The settlement marks the first public enforcement action by the state DOJ against a crypto company.
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Robinhood app. (Credit: Piotr Swat/Shutterstock.com)
