Robinhood reaches $3.9M settlement over blocked crypto withdrawals
Robinhood Crypto LLC has agreed to pay $3.9 million to settle claims it failed to let customers withdraw cryptocurrency from their accounts between 2018 and 2022.
The crypto arm of Robinhood Markets has reached a $3.9 million settlement with California’s Justice Department over claims it stopped allowing crypto withdrawals between 2018 and 2022.
California Attorney General Rob Bonta said on Sept. 4 that it was the first public action against a crypto company by the California Department of Justice.
Bonta had alleged Robinhood Crypto LLC violated the state’s commodities laws by allowing customers to buy crypto without delivering those assets to them and who were forced to sell their crypto to Robinhood in order for their funds to leave the platform.
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Author: Jesse Coghlan
