Robinhood’s IPO Plans Slowed by U.S. SEC Review of Crypto Business
U.S. stockbroker Robinhood’s U.S. IPO plans have slowed in pace as the SEC is reportedly making inquiries about its cryptocurrency trading business. Robinhood launched cryptocurrency trading in 2018. Today, its customers can trade cryptocurrencies such as bitcoin and ethereum, as well as dogcoin, which originated as a joke. Because about half of Robinhood’s users are first-time investors, Robinhood often serves as an entry point for newcomers to the virtual currency market, which can fluctuate dramatically. Agency staff told lawyers that it could take up to 30 days to review the documents.