Oregon’s Division of Financial Regulation (DFR) has partnered with several states in a settlement against crypto trading app Robinhood.

The agreement entails a $10.2 million penalty, pinpointing Robinhood’s operational and technical lapses detrimental to its users.

Oregon Joins Robinhood’s $10.2 Million Settlement

The settlement’s roots trace back to a coordinated effort by state securities regulators representing Alabama, Colorado, California, Delaware, New Jersey, South Dakota, and Texas. Indeed, these states, united under the North American Securities Administrators Association (NASAA), probed Robinhood’s operational failures in the retail market.

Key events triggering this intervention were Robinhood’s extensive outages in March 2020. During this period, a massive user base relied on the Robinhood app for trading activities.

Read more: 9 Best Crypto Futures Trading Platforms in 2023

To compound the challenges, Robinhood had glaring deficiencies up until March 2021. These ranged from poor review protocols for options, margin accounts, and subpar monitoring systems to slow customer service responses.

DFR Administrator Go to Source to See Full Article
Author: Bary Rahma

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