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The platform being issued a Wells Notice by the SEC is surprising given the company’s conservative approach to digital assets listings, the report said.

Robinhood's crypto-trading subsidiary used to prevent customers from withdrawing the tokens they bought. Though Robinhood Crypto LLC abandoned that policy in 2022, on Wednesday its past practices earned a $3.9 million slap on the wrist from the state

The shares of the popular trading platform rose 15% after beating earnings and revenue estimates.

The popular trading platform also beat first quarter revenue and earnings estimates.

The company missed consensus revenue expectations, analysts said.

Crypto is becoming an increasingly important part of Robinhood’s business, accounting for 20% of total revenue in the first quarter, the report said.

The acquisition will potentially allow the trading platform to offer a wider range of crypto products to a more institutional client base, the report said.

The acquisition will potentially allow the trading platform to offer a wider range of crypto products to a more institutional client base, the report said.