Jakarta, CNBC Indonesia – Standard funding platform Robinhood (HOOD) skilled a pointy decline in cryptocurrency buying and selling volumes all through Might 2023. Nonetheless, volumes for different funding devices remained excessive.
The corporate reported that buying and selling volumes for cryptocurrencies fell to US$2.1 billion in Might, down 43% from the earlier month. On a yearly foundation (YoY), crypto buying and selling volumes slowed by 68%.
To cite Coindeskcommon day by day buying and selling (DART) income fell by 22% in Might and 53% YoY for crypto devices.
Simply final week, Robinhood eliminated three tokens as a part of its common evaluation. At present, the platform solely offers 15 cryptocurrency choices for buying and selling.
The tokens which have been abolished are ADA (Cardano), MATIC (Polygon), and SOL (Solana). All three have been named securities by the US Securities and Alternate Fee (SEC) in current lawsuits in opposition to Coinbase (COIN) and Binance.
Robinhood Markets’ chief compliance lawyer, Dan Gallagher, advised lawmakers the corporate was making an attempt to register as a dealer for digital property in 2021, however the conversations have been unsuccessful.
Lately, Coinbase and Binance have been going through lawsuits over accusations of violating US securities legal guidelines.
Robinhood has to date solely obtained investigative subpoenas from the SEC concerning its crypto operations, revealed in a 10-Okay submitting final February.
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