nasaa: Robinhood's platform was obliged to pay customers $10,2 million – Bits Media

North American Association (nasaa) announced, that Robinhood Financial has concluded a settlement agreement with investors and pledged to repay the damage from errors in operating activities and technical failures.

Representatives of NASAA Reported, that the payment platform will pay investors fines in the total volume $10,2 mln.

Settlement of relationships with customers is caused by the investigation of the causes and consequences of failures in the operation of Robinhood services in March 2020 of the year, which is conducted by state securities regulators in Alabama, Colorado, California, Delaware, New Jersey, South Dakota and Texas.

The basis for the investigation was the massive circulation of Robinhood users with complaints of low -quality work of the platform. Investors stated, that as a result of the systematic failures of their transactions were not processed even in those cases, when the value of assets fell, which led to a significant loss of funds.

Verification of supervisory authorities revealed, As for March 2021 years in Robinhood, deficiencies in the processing processes of options and marginal accounts were not eliminated, And there were also shortcomings in the tools of monitoring and reporting of the company.

“Robinhood has repeatedly violated customer service rules, However, the agreement clearly shows, that now Robinhood will be forced to more seriously treat its obligations and correct shortcomings. ", - said NASAA President Andrew Hartnett (Andrew Hartnett).

Previously, the US Securities and Exchange Commission (SEC) I directed it
American platform Robinhood request for information, relating to the placement of cryptocurrencies for trading, as well as measures, made by the site for safe storage of assets.