Robinhood saw its active users fall 12% and notional volume slump 24% in Q3 but remains bullish that it can ride out the "crypto winter."
The meme stock saga from January 2021 is still haunting Robinhood, and investors who alleged it manipulated the market can pursue their case, a judge has ruled.
CEO Vlad Tenev took the blame for the layoffs, saying the company projected the high interest in its platform during the pandemic, and meme stock craze would last.
NYDFS Superintendent Adrienne Harris said Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance.
The layoffs will help Robinhood to improve efficiency, increase velocity, and ensure that it can adapt to changing needs of users, according to the company.
The brokerage has long offered its users the chance to buy and sell digital currencies like BSV, BTC, ETH, and DOGE but hasn’t until now enabled withdrawals to external wallets.
The Coinbase trading suspension might have been short and temporary, but for many it's enough to cause losses. Are regulators watching this space?
Timothy Merkle offers an unpopular opinion that Robinhood’s recent decisions are reasonable, stating that the company is under no obligation to provide market access as its users demand.
Trading app Robinhood is preparing to roll out a new digital currency wallet service, alongside functionality that would allow digital currency transfers through its platform.
By removing payment for order flow, markets benefit from more efficient, transparent trading, according to SEC Chairman Gary Gensler.
The announcement came as part of its Q2 earnings report, which saw the company report significant losses from the most recent quarter—despite an uptick in digital currency trading through the platform.