“The power of Florida has initiated an investigation against the robinhood crypto unit on suspicion of violating the law on unfair trade practices. The company advertised itself as the “cheapest way to buy cryptocons” despite the lack of evidence of this statement. “Robinhood has long positioned itself as the most favorable service, but we believe that these statements are manipulative,” said Prosecutor General James Utmaer. The prosecutor’s office sent a company […]”, – WRITE: Businessua.com.ua
The power of Florida has initiated an investigation against the robinhood crypto unit on suspicion of violating the law on unfair trade practices. The company advertised Self as a “cheapest way to buy crypto -assets” despite the lack of evidence of this statement.
“Robinhood has long positioned itself as the most favorable service, but we believe that these statements are manipulative,” said Prosecutor General James Utmaer.
The prosecutor’s office sent a summons to provide an internal documentation that could confirm the slogan about the “lowest average cost of crypt trade”. The company has to answer by the end of July.
Robinhood Crypto positions itself as a platform without a commission, but earns the Payment-Foror-Order-Flow model-selling warrants to third-party markets. Despite their promises, analysts indicate that users can actually pay more than on competing platforms.
Despite the investigation, the shares of the parent company Robinhood Markets increased by 4.4% and reached $ 98.7 at the closing of trading on Thursday.
Recall that launched Robinhood tokenized shares “raised questions” of regulators in the EU.
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