Robinhood Says It’s Reviewing Its Crypto Offerings Following SEC Lawsuit Against Binance and Coinbase: Report

Retail buying and selling big Robinhood is reportedly reviewing its crypto choices after the U.S. Securities and Alternate Fee (SEC) filed lawsuits this week towards Binance and Coinbase.

In accordance with a brand new Bloomberg report, Robinhood’s authorized chief Dan Gallagher says the corporate is combing via the SEC’s authorized filings and deciding whether or not to switch the platform’s crypto buying and selling providers.

Gallagher made the feedback to US Congress earlier than the Home Agriculture Committee throughout a gathering associated to digital belongings. In accordance with the report, Gallagher says that Robinhood is “actively reviewing” the SEC’s evaluation “to find out what, if any, actions to take.”

Robinhood clients can commerce 18 completely different tokens together with Solana (SOL), Cardano (ADA) and Polygon (MATIC), which the SEC deemed unregistered securities within the lawsuits towards the 2 high crypto exchanges.

The SEC sued high US crypto alternate Coinbase on Tuesday, for “working as an unregistered securities alternate, dealer, and clearing company” in addition to for “failing to register the supply and sale of its crypto asset staking-as-a-service program.”

A day prior, the SEC filed a lawsuit towards Binance alleging a number of violations of breaking securities legal guidelines and different accusations.

Robinhood has introduced a number of efforts this yr to advance within the crypto house.

The buying and selling big just lately launched a brand new crypto pockets on Apple’s cell working system which included assist for altcoins like Shiba Inu (SHIB), Polygon and Ethereum (ETH).

In April, Robinhood introduced Robinhood Join, a crypto on-ramp for customers to entry and fund their Web3 wallets with out leaving decentralized purposes (DApps) or logging into their accounts.

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Featured Picture: Shutterstock/Tithi Luadthong