Robinhood experienced a drop in crypto trading volume in May, according to the latest data.
According to the data released by the company, the crypto trade volume decreased by 43 percent compared to the previous month. With this regression, the volume of 2.3 billion dollars was returned.
Robinhood Experienced 43 Percent Month-on-Month Decline in Crypto Trading
Robinhood experienced a sharp drop in crypto trading volume in May. According to the data released by the company, the trade volume for cryptocurrencies decreased by 43 percent compared to the previous month to $ 2.1 billion in May. On an annual basis, crypto trading volume has declined by 68 percent.
Robinhood delisted three tokens during its regular review and announced that only 15 cryptocurrencies remain on the platform. These tokens appeared as Cardano (ADA), Polygon (MATIC), and Solana (SOL). This step was taken by the US Securities and Exchange Commission (SEC) in relation to lawsuits filed against Coinbase and Binance. The SEC has classified these tokens as securities.
Robinhood Markets’ chief compliance attorney, Dan Gallagher, said the company tried to sign up as a special-purpose broker for digital assets in 2021, but that attempt was unsuccessful. Other crypto exchanges such as Coinbase and Binance have also faced accusations of violating US securities laws recently. Robinhood, on the other hand, has only received a subpoena for its crypto operations so far.
