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Florida Probes Robinhood for Misleading Crypto Trading Claims
Robinhood Markets Inc., a fintech company based in Menlo Park, California, is now under investigation by the Florida Attorney General’s Office regarding claims of misleading consumers about cryptocurrency trading costs. The probe accuses the firm of falsely promoting its platform as the cheapest option to purchase cryptocurrencies while concealing fees through its business model.
According to the state Attorney General’s press release, Robinhood’s crypto operations may have violated Florida law by presenting a distorted picture of cost transparency. The company advertised its crypto services as “the least expensive way to purchase cryptocurrency,” a claim now under scrutiny.
Florida regulators issued a subpoena demanding internal documents, including marketing materials related to Robinhood’s pricing structure and order execution policies. The investigation aims to determine whether the firm is exploiting users or hiding secondary charges in its advertising.
Source: cryptotale.org
