Robinhood has agreed to pay $3.9 million to settle with the state of California after an investigation found that the trading platform prevented users from withdrawing their cryptocurrency. The state’s Department of Justice accused Robinhood of selling commodities to traders without delivering the assets and then not allowing customers to withdraw their crypto. The investigation also found that Robinhood misled customers about its trading platform’s operations. As part of the settlement, Robinhood will now allow customers to withdraw their crypto assets to their own wallets and provide proper disclosures and updates. The company did not admit or deny any violations of the law in the settlement agreement.
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