Florida probes Robinhood’s crypto trading promotion
2025-07-11 02:50:40
Main Idea
Florida is investigating Robinhood over allegations that its crypto trading promotion misled customers about costs, while Robinhood defends its pricing claims.
Key Points
1. Florida Attorney General James Uthmeier accuses Robinhood of breaking state laws by misleading customers about crypto trading costs.
2. Robinhood claims it offers the lowest cost on average for crypto trading in the US.
3. Florida alleges that Robinhood's payment for order flow (PFOF) model makes trading more expensive for customers.
4. Robinhood previously agreed to a $65 million fine in 2020 over similar allegations without admitting wrongdoing.
5. Despite the probe, Robinhood's stock closed up 4.4% at $98.70, nearing its all-time high.
Description
Lucas Moskowitz, Robinhood’s general counsel, told Cointelegraph that the platform’s “disclosures are best-in-class,” and “customers can trade crypto at the lowest cost on average”.
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