Feb 28, 2023

SEC Subpoenas Robinhood Markets Over Crypto Listings

Robinhood Financials, a leading digital asset exchange platform, has recently revealed that it has received an investigative subpoena from the United States Securities Exchange Commission (SEC). This subpoena was sent in December, shortly after the crypto exchange FTX filed for bankruptcy in November.

The subpoena relates to Robinhood’s cryptocurrency listings and custody services, with the SEC wanting to investigate the platform’s operations, custody of customer assets and coin listings. This is in response to the crypto bankruptcies that occurred in 2022.

The SEC is not the only governmental body that has been investigating Robinhood’s crypto operations. In April 2021, the California Attorney General’s Office sent subpoenas to the firm, seeking information about its trading platform, business and operations, custody of customer assets and coin listings.

The firm was also hit with a $30 million fine by the New York District of Financial Services (NYDFS) in August 2021, for failing to “invest the proper resources and attention to develop and maintain a culture of compliance.”

The Massachusetts Securities Division (MSD) also scrutinized the firm in August 2021, for allegedly targeting inexperienced investors.

Investigative subpoenas are issued by a court at the request of another person or entity, for the purposes of obtaining the information necessary to decide whether to pursue legal action against the subpoenaed person or entity.

When contacted by Cointelegraph, Robinhood declined to comment on the matter.

The news of Robinhood’s subpoena comes at a time when the web3 space is seeing increased interest and activity. With the rise of NFTs and the emergence of NFT marketing, many companies are looking to capitalize on the opportunity to promote and sell their NFTs.

Twitter has become a popular platform for NFT marketing, with companies launching campaigns to promote their NFTs and increase their visibility. To help companies maximize their reach and get the most out of their NFT marketing campaigns, many web3 agencies have sprung up to provide specialized NFT marketing services.

These agencies help companies with everything from creating effective NFT marketing strategies to executing campaigns and tracking their success. They also provide advice on how to best use the Twitter platform for NFT promotion, and can help companies develop creative ways to engage their target audience and generate interest in their NFTs.

Overall, the web3 space is becoming increasingly competitive and companies are looking for new and innovative ways to promote and sell their NFTs. As such, the need for specialized NFT marketing services is growing and companies are turning to web3 agencies to help them maximize their reach and get the most out of their NFT marketing campaigns.

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