Robinhood Reviews Crypto Offerings Following Binance Scandal

As you probably know by now, there are some pretty harsh accusations made in relation to Binance by the SEC. Now, Robinhood exchange reviews its offerings following the scandal involving the most important crypto exchange in the world.

According to reports, Robinhood, a major player in the retail trading industry, is currently assessing its cryptocurrency offerings in light of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.

As per a recent Bloomberg report, Robinhood’s head of legal affairs, Dan Gallagher, has stated that the company is carefully reviewing the SEC’s legal documents and considering potential changes to its cryptocurrency trading offerings.

During a meeting about digital assets with the US Congress House Agriculture Committee, Gallagher commented that Robinhood is currently examining the SEC’s analysis to decide on any necessary actions. The report indicates that Gallagher shared this information.

As the online publication thr Daily Hodl noted in their recent article, Robinhood customers can trade 18 different tokens including Solana (SOL), Cardano (ADA) and Polygon (MATIC), which the SEC deemed unregistered securities in the lawsuits against the two top crypto exchanges.

Binance, the world’s largest cryptocurrency exchange, and its CEO have been sued by the U.S. Securities and Exchange Commission (SEC) for multiple violations of securities laws and other alleged offenses.

A complaint has been filed by the SEC in the United States District Court for the District of Columbia, alleging that Binance and its CEO Changpeng Zhao have violated laws regarding investor protection and put customers at risk.

According to the regulator, the accused parties have generated billions of dollars without adhering to their legal responsibilities.

The SEC has accused Binance.US, which comprises BAM Trading and BAM Management, of engaging in manipulative trading and failing to maintain sufficient surveillance on their platform.

“And Defendants BAM Trading and BAM Management defrauded equity, retail, and institutional investors about purported surveillance and controls over manipulative trading on the Binance.US Platform, which were in fact virtually non-existent.”