Massachusetts May Revoke Robinhood’s Broker-Dealer Registration
PYMNTS, 16 April 2021
Regulators in Massachusetts are taking steps to pull Robinhood’s broker-dealer license, alleging that the digital trading app lures inexperienced investors and puts their money at risk, Reuters reported. Robinhood responded to the charge with a lawsuit accusing the Commonwealth officials of being “elitist.”
Massachusetts Secretary of State Bill Galvin announced in December 2020 that the state was seeking to revoke Robinhood’s license — and that was before the GameStop trading frenzy. The state instituted changes in its fiduciary rules that took effect in September, prompting the Silicon Valley startup to file a lawsuit in Boston. The company also filed a motion for a preliminary injunction. Continue reading “Article: Massachusetts May Revoke Robinhood’s Broker-Dealer Registration”
This week millions of Robinhood users may have noticed that the celebratory confetti graphics that used to rain down after each trade have been replaced with images of floating geometric shapes, according to an announcement from the company last Wednesday. Robinhood also changed the images it displays when a customer signs up for premium service Robinhood Gold or deposits money on the app.
There is something “systemically” wrong in the options trading of the stock of GameStop Corporation GME 0.1%, according to Massachusetts securities regulator, Barron’s reported Tuesday.