Florida’s major public prosecutor opened an investigation on the Robinhood trading platform, claiming that she is promoting encryption services as less expensive in the market.
However, Lucas Moskowitz, General Adviser to Robinhood, told Cointelegraph in a statement that the platform is transparent about its drawings, and that customers are trading in coding at the lowest cost on average.
In a statement on Thursday, the Public Prosecutor of Florida James Othiar accused A robot from breaking the law of deceptive and unfair practices in Florida and issued a call to request various documents from the platform.
“Crypto is a vital component in the financial future in Florida,” Uthmeier said, and when consumers buy and sell encryption assets, they deserve transparency in their transactions.
“Robinhood has long claimed that he was the best deal, but we believe that these offers were deceptive.”
On its website, traders can claim Robinhood Buy and sell encryption At the lowest costs on average in the United States.
The Public Prosecutor claims payment for the application of the application is responsible
Robinhood Revenue generates by payment for the application flow (PFOF), who claims the platform in Florida makes the platform more expensive because “the third parties that pay robots to flow the demand may have to impose lower favorable prices” to be profitable.
Mediation Companies using PFOF Get fees to direct requests and implement deals to a maker or exchange in the market, and are usually in fractures of a one -share shark.
In an interview in December 2023 CNBC, CEO of Robinhood Vlad Tenev motive This practice amid fears that it created a conflict of interests, as the mediators did not always act in the interest of customers.
Robinhood Agreed To pay a fine of $ 65 million in December 2020, without any confession of guilt, to settle the charges of the Supreme Education Council, among other things, that Robinhood falsely claimed the orders of its customers at lower prices than other brokers.
Robinhood argues that its operations are transparent
“Disclosure is the best in their class.”
He said: “We reveal pricing information for customers during the life cycle of trade, which clearly determines the proliferation or fees related to the treatment and revenues received by Rubnevol.”
“We are proud to be a place where customers can trad the coding at the lowest cost,” Moscow.
I have Robinhood until the end of July to respond to the summons.
Related to: Private companies to join the Robinhood symbolic property platform lined up: CEO
Reducing trading
Robinhood investors seem to ignore the news related to the investigation of Florida, with stocks closing The trading session on Thursday increased by 4.4 % to 98.70 dollars, along with the CheckPer Market.
He is now only a stone’s goal from its highest level ever at $ 100.88.
However, in post -hours trading, the stock decreased slightly to $ 97.23, which represents a decrease of 1.49 %.
Last month, her shares organized a 30 % rally gathering, Attributed to her strategic embrace Blockchain technology and distinctive symbol.
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