The Financial Industry Regulatory Authority announced Wednesday that online trading platform Robinhood will pay nearly $70 million in fines for systemwide failures and deceptive communication and trading practices.
During the epidemic, Robinhood, which is set to go public later this year, had numerous days of downtime, leaving consumers unable to trade stocks, options, or digital currency. During some of the busiest trading days in the history of the bear market, the platform was unavailable.
Robinhood was also chastised for the suicide of a 20-year-old trader who believed he had lost a huge sum of money on the platform. The FINRA news statement highlighted the suicide.