SEC issues Robinhood Crypto with Wells Notice, citing alleged securities violations

Robinhood said the SEC is anticipating filing an enforcement action over alleged securities violations relating to its crypto business.

Robinhood Crypto, the crypto unit of the brokerage firm Robinhood Markets, received a Wells Notice from the U.S. Securities and Exchange Commission on May 4.

“After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,” said Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer, Robinhood Markets, Inc, in a statement.

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