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Robinhood crypto business slapped with SEC Wells Notice

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The SEC has served a Wells Notice on trading platform Robinhood's crypto division sending stock price plunging.

The United States Securities and Exchange Commission has issued a Wells Notice to the popular trading platform Robinhood.

The Wells Notice is a letter sent from the securities regulator that concludes the conclusion of its investigation over the respondent, in this case, Robinhood’s United States-based crypto business. The news of the investigation comes despite Robinhood’s attempts to register with the United States securities watchdog, according to Dan Gallagher, chief legal, compliance, and corporate affairs officer at Robinhood Markets.

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