Robinhood Probed by Florida AG’s Office Over Allegedly ‘Deceptive’ Crypto Pricing Claims

Key Points

1. Florida Attorney General James Uthmeier claims Robinhood's PFOF model makes crypto trading more expensive for users on average compared to other platforms.

2. Robinhood's PFOF model, also used in stock trading, has faced criticism for potentially not offering the best prices to customers.

3. In 2020, Robinhood paid $65 million to settle SEC charges related to PFOF disclosures.

4. Robinhood CEO Vlad Tenev has defended PFOF, calling it 'inherently here to stay' and stating the company provides 'best-in-class' disclosures.

5. The Florida AG's subpoena seeks detailed information from Robinhood, including PFOF practices, comparative pricing data, and user crypto trading records.