Ex-Coinbase Manager, Two Others Indicted In Alleged $1.1 Million Crypto Insider Trading Scheme
ForbesMAR 23 2022
This fine is an appropriate warning to Robinhood as it continues to grow as a company in the finance industry. The young crypto trading app bit off more than it could chew and is now paying the price. Hopefully, the company will reflect on its previous administrative decisions and work to build a safer platform for its users in the future.
Robinhood's business model is based on a predatory app that has "gamified" investing in the name of "democratization." The company was perfectly happy to scale up its user engagement while ignoring the duties of oversight and regulatory compliance. With such a track record, this latest penalty is not likely to be the last.