The U.S. Securities and Exchange Commission issued a subpoena related to Robinhood Markets Inc.’s cryptocurrency listings.
The brokerage platform revealed in its most recent annual report that it received the investigative order from the SEC regarding the business’s digital assets, cryptocurrency listings, custody and platform operations.
The subpoena was aimed toward the supported currencies at Robinhood Crypto, a subsidiary of the brokerage, as well as its custody of cryptocurrencies and other platform operations. Robinhood currently supports 18 cryptocurrencies on its trading platform, including bitcoin, ethereum and “meme coins” such as Dogecoin.
The SEC’s move is part of a larger initiative against the entire digital asset industry. This came following the bankruptcy filings of major cryptocurrency trading venues including Three Arrows Capital, Voyager Digital Holdings Inc. and Celsius Network in July 2022 plus FTX in November 2022.
The SEC’s subpoena to Robinhood came after the company received a $30 million fine from the New York State Department of Financial…