Robinhood reached a settlement with state securities regulators for a fine of $10.2 million

ChainCatcher news, after a brief trading halt on the platform in March 2020 triggered investigations by securities regulators in seven states, Robinhood will pay a $10.2 million fine for harming "investors."

The president of the North American Securities Administrators Association stated, "Robinhood has repeatedly failed to serve its customers, and this settlement clearly indicates that Robinhood must take its customer service obligations seriously and correct these deficiencies."

It is reported that the settlement was reached following an investigation by the North American Securities Administrators Association, led by state securities regulators from Alabama, Colorado, California, Delaware, New Jersey, South Dakota, and Texas. Robinhood did not immediately respond to a request for comment. (source link)