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Robinhood’s Crypto Unit Receives Wells Notice from SEC
Robonhood (HOOD) disclosed that the U.S. Securities and Exchange Commission issued the company a Wells Warning over its cryptocurrency activity. A Wells Notice is a notification that the regulator intends to take enforcement action against the company. In a blog postDan Gallagher, Robinhood’s head of legal, compliance and corporate affairs, says: “After years of good faith attempts to work with the SEC to gain regulatory clarity, including our notorious ‘go in and register’ attempt, we are “We are disappointed that the agency has decided to issue a Wells Notice regarding our cryptocurrency business in the United States,” adding that the company intends to cooperate with the regulator.
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This post was written by Stephanie Mikulich.