Robinhood crypto business slapped with SEC Wells notice
The SEC is planning to file an “enforcement action” against Robinhood’s cryptocurrency business, according to the Wells notice.
The United States Securities and Exchange Commission (SEC) has issued a Wells notice to the popular trading platform Robinhood.
Following the news of the Wells notice, Robinhood’s share price fell 2.5% in pre-market trading to $17.95 as of 12:50 pm UTC. The Wells notice was issued on May 4, according to a court filing.
The Wells notice is a letter sent from the securities regulator that concludes its investigation of the respondent, in this case, Robinhood’s U.S.-based crypto business.
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