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What will be the impact on Robinhood's user base following the $3.9M settlement by the end of 2024?
3
Resolution / Starting Odds
Increase in user base • 25%
Decrease in user base • 25%
No significant change • 25%
Other • 25%
Official reports from Robinhood and user statistics
Story
Robinhood to Pay $3.9M Settlement Over 2018-2022 Crypto Withdrawal Claims in California's First-Ever Crypto Action
Sep 5, 2024, 06:07 AM
Robinhood Markets has agreed to pay a $3.9 million settlement to the state of California. The settlement resolves claims that the company's cryptocurrency platform blocked customers from withdrawing digital assets from their accounts between 2018 and 2022. California Attorney General Rob Bonta announced the settlement, stating that Robinhood violated state commodities law by preventing users from accessing their crypto holdings. The company has since updated its policies and resolved the investigation. This marks the first-ever crypto enforcement action by the California DOJ. Robinhood's stock, $HOOD, is also impacted by this settlement.
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