Robinhood Markets News

Robinhood Markets beat estimates for first-quarter profit on Wednesday, thanks to robust crypto trading volumes and rate hikes that boosted its net interest revenue. The approval of the first spot bitcoin ETFs in the U.S. in January boosted sentiment towards the crypto industry, which had been bruised by several high-profile collapses over the past two years.

Robinhood Markets said on Monday it received an enforcement action notice from the U.S. Securities and Exchange Commission (SEC) on May 4 over crypto tokens traded on its platform. The company said it received a so-called "Wells notice," which the SEC issues when it is planning to bring enforcement action against them. Such notices do not necessarily mean the company has engaged in wrongdoing.

Binance said in a tweet on Monday it would swap 750 million tether-tron token pairs for tether-ether in an attempt to maintain the stablecoin's liquidity. The move comes amid renewed regulatory scrutiny at the world's largest cryptocurrency exchange and will help cushion some of the fallout from recent blows, including Binance being sued by the U.S. Securities and Exchange Commission. The swap, set to start after 12 p.m. UTC on Monday, will be held directly with the tether team, the tweet said. Tether is the largest stablecoin that aims to maintain a 1:1 peg with the U.S. dollar. Tron is the ninth largest cryptocurrency with a $6.3 billion market value, while ether is the largest after bitcoin, with its $210 billion market capitalization.

Binance said it was halting dollar deposits, while trading platform Robinhood Markets said it was delisting some crypto tokens, after the U.S. securities regulator stepped up its crackdown on the crypto sector. Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13, after the U.S. Securities and Exchange Commission asked a court to freeze its assets. Customers have until Tuesday to withdraw their funds. The development is the latest blow for the world's largest cryptocurrency exchange and raises questions about whether its U.S. operation can survive the SEC lawsuit, which alleges Binance manipulated its trading volumes and comingled customer assets, among other civil charges that it denies. «This is very serious for Binance.US,» said Clara Medalie, director of research at Kaiko, a digital asset data provider.

Robinhood Markets said on Friday it is removing three cryptocurrency tokens from its platform, days after the U.S. securities regulator's crackdown against the industry's biggest exchanges.

Robinhood Markets said on 4 May that it is adding stock lending to its trading app, the latest in a string of products intended to shore up its business.

Earlier this year, Robinhood outlined plans to make a renewed push for international expansion, setting aggressive goals to start opening up its crypto platform to customers around the world.

Robinhood Markets said it was laying off 9% of its full-time workers and is cutting back on duplicate roles it added when the investment platform was growing rapidly beginning in 2020.

Robinhood Markets Incorporation, a US-based financial services firm, announced on April 19 that it had signed a deal to acquire Ziglu Limited - a UK-based electronic money institution and crypto-asset firm. The deal is subject to regulatory approvals and other customary closing conditions.

Earlier this year, Robinhood outlined plans to make a renewed push for international expansion, setting aggressive goals to start opening up its crypto platform to customers around the world.

Robinhood Markets said that an intruder gained access to its systems last week and made off with the personal information of millions of its users.