August 12, 2022

Robinhood suspends instant deposits for crypto purchases over DOGE spike

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Stock and cryptocurrency trading platform Robinhood has temporarily disabled instant deposits for cryptocurrency purchases as of Friday, citing “extraordinary market conditions.”

Users are still able to buy cryptocurrency using settled funds that have previously been deposited, although such deposits can take up to five business days to clear.

A Robinhood spokesperson told CNBC that the company would “keep monitoring market conditions and communicating with our customers.

Robinhood has faced recent criticism for suspending the trading of a number of traditional stocks, including GameStop, that were being supported by retail investors to the detriment of Wall Street hedge funds.

This prompted U.S. congresswoman Alexandria Ocasio-Cortez to describe the move as unacceptable. Ocasio-Cortez, who sits on the House Financial Services committee, then hosted an hour long Twitch stream, discussing the topic with a number of guests, which pulled in 300,000 viewers.

One of the questions that the congresswoman posed was: “How do you actually shift power back into the hands of everyday people? Ultimately that’s what this is about.”

Robinhood’s “Instant Buying”Title: Robinhood suspends instant deposits for crypto purchases over DOGE spike
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Published Date: Fri, 29 Jan 2021 13:57:02 +0000