Robinhood Pauses Use of Instant Deposits For Crypto Trades

Robinhood is temporarily preventing customers from using funds deposited in accounts today for purchasing cryptocurrencies.

“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers.” according to a Robinhood spokesperson.

The halt was reported earlier by CNBC.

--With assistance from Annie Massa.

To contact the reporter on this story:
Dave Liedtka in New York at dliedtka@bloomberg.net

To contact the editors responsible for this story:
Dave Liedtka at dliedtka@bloomberg.net;
Jeremy Herron at jherron8@bloomberg.net

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