Robinhood Subpoenaed by SEC Over Brokerage’s Crypto Business (1)

Robinhood Markets Inc. said the Securities and Exchange Commission was probing its cryptocurrency business, in the latest signal that the regulator is drilling deeper into virtual asset platforms.

The brokerage received an investigative subpoena in December related to its cryptocurrency listings and custody, among other topics, Menlo Park, California-based Robinhood said Monday in a filing. The SEC inquiry came shortly after crypto exchange FTX filed for bankruptcy, spurring a wave of regulatory action.

The probe comes as US financial watchdogs take a more aggressive approach to crypto in the wake of FTX’s collapse. In the months following FTX’s November ...