SEC probes Robinhood's crypto desk for evidence of comingled funds Robinhood SEC SecuritiesandExchangeCommission
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The brokerage firm made the revelation in its annual 10-K filing, which was submitted to the SEC on Monday. According to the filing, Robinhood received the subpoena around a month after FTX filed for bankruptcy, which followed bankruptcy filings by “several other major cryptocurrency trading venues and lending platforms earlier in 2022,” including Three Arrows Capital, Voyager Digital Holdings and Celsius Network.
The increased scrutiny of custody procedures likely stems from accusations that FTX and other crypto firms have illegally comingled user funds with corporate funds. Earlier in February, the SEC proposed a rule change related to how registered investment advisors handle the custody of their client's funds in response to concerns around comingling.
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