Robinhood Expects To Pay $26.6 Million FINRA Fine

Robinhood, the popular stock trading app, announced on Friday (Feb 26) that US regulators were preparing to probe its trading restrictions on shares of GameStop (GME) and others.

The company said in a filing with the US Securities and Exchange Commission that it is cooperating right now with investigations by a number of regulatory bodies, including the SEC, the Financial Industry Regulatory Authority (FINRA), and the New York Attorney General’s Office.

In the SEC filing, Robinhood also said it is preparing to pay at least a $26.6 million potential settlement with FINRA — not over the GameStop restrictions, but over trading outages in March 2020 and its options trading policies around approval and display.

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