Robinhood Says SEC Closes Crypto Probe Without Enforcement (1)

Robinhood Markets Inc. said the US Securities and Exchange Commission closed an investigation into the firm’s cryptocurrency operations and isn’t pursuing any enforcement action.

Robinhood disclosed last year that it received what’s known as a Wells notice, indicating the SEC had initially determined to recommend an enforcement action.

“Let me be crystal clear — this investigation never should have been opened. Robinhood Crypto always has and will always respect federal securities laws and never allowed transactions in securities,” Dan Gallagher, Robinhood’s chief legal, compliance and corporate affairs officer, said in astatement Monday. “As we explained to the SEC, any ...