Bloomberg Law
Litigation
LinkedIn

Robinhood Enters $3.9 Million Crypto Settlement With California

Sept. 4, 2024, 10:56 PM UTC
Maia Spoto
Maia Spoto
Correspondent

A Robinhood Markets Inc. subsidiary has agreed to pay a $3.9 million settlement in what the California Department of Justice has marked as its first public action against a cryptocurrency company.

The settlement with Robinhood Crypto LLC, announced in a Wednesday news release, comes after an investigation into allegations that Robinhood violated the California Commodities Law by not electronically delivering digital assets to customers who purchased cryptocurrency between 2018 and 2022.

Robinhood also received a warning from the US Securities and Exchange Commission about an enforcement action related to its crypto business in May.

According to the California news release, ...

Learn more about Bloomberg Law or Log In to keep reading:

See Breaking News in Context

Bloomberg Law provides trusted coverage of current events enhanced with legal analysis.

Already a subscriber?

Log in to keep reading or access research tools and resources.