California hit Robinhood Crypto with a $3.9 million penalty for preventing its customers from withdrawing their cryptocurrency from their wallets between 2018 and 2022 as part of a settlement agreement resolving the state’s investigation into the company’s violation of the California Commodities Law. The settlement agreement demands that the platform be transparent about its trading practices and clearly disclose custody, settlement delays and network security incidents.
Read the settlement agreement here.
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