SEC Lodge a Complaint in Court Regarding Wash Trading by Two Robinhood Users

The Securities and Exchange Commission has filed a complaint against two Robinhood users. The complaint alleges using a wash-trading-based arbitrage scheme that utilized meme stocks, amounting to more than $700,000. Wash trading is when a trader buys and sells the security to provide misleading information to the market. It is illegal under U.S. law and is liable to a lawsuit against those involved. Wash Trading Accusations SEC accused the defendants, Suyun Gu and Yong Lee,  on September 27. The two…

Robinhood Crypto Exchange App Suffers an Abrupt Outage

Today, Robinhood announced that their platform had stopped functioning correctly, but they are working to resolve the issue as early as possible. A commission-free mobile application allows people to invest in publicly listed companies and other listed funds on U.S. exchanges. Users Face a Hard Time Due to Functionality Issues Robinhood announced the feedback and complaints from their customers about poor functionalities in the morning hours. About 61% of their customers complained about lagging and poor user interactions with Robinhood’s official website. Mobile brokerage features reported…

Robinhood to Commence Crypto Wallets Tests Ahead of 2022 Launch

As per a recent report, Robinhood Markets announced they plan to begin testing their new crypto wallets this coming month. The company will roll out these wallets in early 2022. This way, they will allow users to move cryptos in and out of their brokerage accounts. Robinhood to Introduce New Wallet Features Robinhood, a California-based exchange company, announced on Wednesday that they would begin testing their crypto wallet in October. This wallet will allow its users to transfer funds in and out of their Robinhood…

Robinhood Sets Publicized IPO Pricing at the Bottom of Marketed Range

Robinhood stock trading app priced its initial public offering at the low end of its estimated range. The company targets to sell about 55 million shares at that range to raise over $2.3 billion. Robinhood plans to hit the markets on Thursday. On Wednesday, Robinhood said that it would trade under the ticker HOOD. However, instead of selling the bulk of its shares to institutional investors like most IPOs, It is pricing its initial public offering up to 35% a…

OnePlus Might be Looking Into Crypto, Shows New Survey

For some time now, OnePlus has been trending ahead of its new Nord smartphone launch. The company has recently expressed interest in venturing into crypto through a recent survey conducted regarding blockchain research. The Survey Details The China company ran a survey to receive input on what their customers had to say about cryptocurrencies. Titled 'OnePlus Block Blockchain Research,' they questioned the use of platforms like Gemini, Binance, Coinbase, and Robinhood.  Just from the name of the survey, it is…

Robinhood Raises a New $3.4B to Support Surging Consumer Demand

The trading unicorn, Robinhood, has raised $3.4 billion to its balance sheet from shareholders. The amount seems to reach this magnificent amount from a 1 billion fund support it announced on Friday. Robinhood seeks to support a flood of retail investors looking to inject their capital in individual stocks on its app. The whole decision was spurred by social media investors boosting the shares in GameStop. In its release, Robinhood said that they would build and enhance their products to give…