Robinhood to pay $70M for false information and trading outages, in largest-ever regulatory fine

Online trading platform Robinhood will pay roughly $70 million in penalties for its systemwide outages and misleading communication and trading practices, the Financial Industry Regulatory Authority said Wednesday.

FINRA — a self-regulatory organization that oversees brokerage firms and their registered representatives — said it fined Robinhood $57 million and ordered the stock trading app to pay nearly $13 million in restitution to thousands of clients. Robinhood suffered multiple days of outages, leaving clients unable to trade equities, options or cryptocurrency amid the fastest bear market in history.

Robinhood said it now has approximately 2,700 customer support staff, according to a blog post. That is more than triple the staff it had during March 2020.

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