TL;DR
Robinhood’s “lowest cost” crypto claim is under state investigation for potential misleading marketing.
Florida AG subpoenaed internal records to verify Robinhood’s claim of being the cheapest crypto trading platform.
Despite scrutiny, Robinhood pushes global crypto growth with $200M Bitstamp acquisition completed.
Florida Launches Investigation into Robinhood Crypto
Robinhood Crypto LLC is facing a state-level investigation in Florida over how it promotes its trading costs. The state’s Attorney General, James Uthmeier, said the platform’s claim to offer “the least expensive way to purchase crypto” doesn’t appear to be backed by evidence.
“Robinhood has long claimed to be the best bargain, but we believe those representations were deceptive,” Uthmeier said.
The AG’s office has issued a subpoena for internal documents, including any records supporting the claim that Robinhood offers the lowest trading costs on average.
Marketing vs. Actual Costs
Robin
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