In the U.S., Robinhood and its crypto arm have weathered multiple regulatory setbacks. Earlier this month, the U.S. Securities and Exchange Commission (SEC) levied a penalty of $45 million on Robinhood Markets for its failure to investigate dubious transactions on the platform, implement anti-theft measures, address cybersecurity gaps, and retain relevant data, among other violations. The move follows the SEC’s issuance of a Wells Notice to the company last year, a warning of impending enforcement action.

Last September, the retail trading firm’s crypto arm reached a $3.9 million settlement with California’s Department of Justice for limiting customers’ ability to withdraw crypto funds and violating disclosure rules.