Robinhood crypto unit receives SEC Wells Notice over listings, custody, operations

Robinhood Markets, Inc.

Robinhood Crypto, LLC received SEC Staff Wells Notice on May 4, 2024.
Staff preliminarily recommends enforcement action under Securities Exchange Act Sections 15(a) and 17A.
Potential remedies include injunction, disgorgement, civil penalties, and activity limitations.
Company states it has cooperated with the SEC investigation and is reviewing the notice.
No financial estimate of potential exposure is provided in the filing.

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