News Explorer — Robinhood Settles $3.9 Million Fine for Preventing Customer Withdrawals

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Sep 5, 7:13 am

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Robinhood Settles $3.9 Million Fine for Preventing Customer Withdrawals

Robinhood's crypto arm has agreed to pay $3.9 million after being accused of preventing customers from withdrawing digital assets from their accounts between 2018 and 2022. The California Department of Justice found that Robinhood allowed users to purchase crypto as commodities without delivering the actual assets, violating California's Commodity Code. Along with the financial penalty, Robinhood must now allow customers to withdraw crypto to their wallets and improve trading transparency.

Robinhood's crypto arm has agreed to pay $3.9 million after being accused of preventing customers from withdrawing digital assets from their accounts between 2018 and 2022. The California Department of Justice found that Robinhood allowed users to purchase crypto as commodities without delivering the actual assets, violating California's Commodity Code. Along with the financial penalty, Robinhood must now allow customers to withdraw crypto to their wallets and improve trading transparency.

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