Robinhood Markets has revealed that it has received an investigative subpoena from the United States Securities Exchange Commission over its digital asset business’ crypto listings, custody and platform operations. In a 10-K filing, the brokerage said it received the investigative subpoena in December, a month after crypto exchange FTX filed for bankruptcy and following the bankruptcy filings of “several other major cryptocurrency trading venues and lending platforms earlier in 2022,” including Three Arrows Capital, Voyager Digital Holdings and Celsius Network. The investigative subpoena was in relation to its cryptocurrency listings and custody services, which they said came in response to the crypto bankruptcies last year: “In December 2022, following the 2022 Crypto Bankruptcies, we received an investigative subpoena from the SEC regarding, among other topics, RHC’s supported cryptocurrencies, custody of cryptocurrencies, and platform operations.” In April 2021, Robinhood received subpoenas from the California Attorney General’s Office seeking information about its crypto arm’s trading platform, business and operations, custody of customer assets and coin listings.
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