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The US securities regulator has issued retail brokerage Robinhood with a detect that it might confront enforcement motion associated to its cryptocurrency business enterprise.
Robinhood Crypto has previously acquired investigative subpoenas from the Securities and Trade Commission regarding its “cryptocurrency listings, custody of cryptocurrencies, and platform operations”, but the corporation said in a regulatory submitting on Monday that it experienced obtained a so-referred to as Wells See on May 4 from the regulator.
Staff members of the SEC experienced recommended Robinhood it had produced a “preliminary determination” to advise enforcement motion in opposition to the organization, according to the filing. The recommendation may perhaps contain an injunction, civil income penalties and censure and constraints on things to do, among other likely actions.
Robinhood shares ended up up about 1 for each cent soon after Wall Street’s opening bell on Monday, reversing declines all through pre-current market trading.
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