Robinhood has received a Wells notice from the SEC’s staff, which recommends that the agency take action against the trading platform for alleged securities violations.
Robinhood’s cryptocurrency division could soon be in trouble with the Securities and Exchange Commission. In an 8-K filing submitted on Saturday, Robinhood revealed that it received a Wells notice from the SEC’s staff recommending the agency take action against the trading platform for alleged securities violations.
The SEC also sued Binance on similar grounds, with the trading platform’s former CEO, Changpeng Zhao, now facing four months in prison. “We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Dan Gallagher, Robinhood’s chief legal, compliance, and corporate affairs officer, said in a statement.
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