The U.S. Financial Industry Regulatory Authority (FINRA) orders Robinhood to pay about $70 million to users. This is based on the results of an investigation into the stock and crypto trading app.
According to Regulators, the trading app should pay restitution to users. For example, the 20-year-old who committed suicide after a negative error on his balance.
The news came on Wednesday. More so, FINRA stressed it had ordered Robinhood to pay $57 million in fines to the regulatory body. And also, to give about $12.6 million in restoration to some customers.
As per the FINRA announcement, the trading platform caused “widespread and significant harm” to many users. Also, it showed “systemic supervisory failures” from September 2016.
To address the matter…
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Source: Cryptocurrency - investing.com
