Robinhood Faces SEC Investigation Over Crypto Business

Robinhood Markets Inc., the firm behind the popular trading app, said today that it was subpoenaed by the Securities and Exchange Commission in December.

The company disclosed the investigation in its most recent 10-K filing with the SEC. In it, the company lists among the various disclosures of potential risks to its business a subpoena from the SEC regarding Robinhood’s “supported cryptocurrencies, custody of cryptocurrencies, and platform operations.”

This is a breaking news story and will be updated.