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Florida Attorney General to Investigate Robinhood Crypto
The Florida Attorney General has launched a formal investigation into Robinhood Crypto over its cryptocurrency-related activities. The inquiry aims to determine whether the company engaged in deceptive or unfair practices that harmed Florida consumers.
According to Florida’s Attorney General James Uthmeier, Robinhood Crypto allegedly “breaks” Florida’s Deceptive and Unfair Practices Act by falsely promoting its crypto platform as the least expensive way to purchase crypto. However, his department has found evidence suggesting this is not the case.
This significant move signals a sharp escalation in state-level scrutiny, as regulators nationwide grapple with how to enforce rules around digital assets.
Uthmeier emphasized that his office will hold accountable any company that misleads consumers or skirts the law, regardless of whether the assets in question are considered securities or not.
The investigation will assess Robinhood Crypto’s presentation of crypto investment risks, user interfaces, disclosures, and policies regarding asset storage and accessibility.
Source: fullycrypto.com
