The Florida Attorney General's Office has launched an investigation into Robinhood Crypto LLC over allegations that the trading platform misrepresented its fee structure to customers.
Authorities say the company's claims to be the "least expensive way to purchase crypto" lack supporting evidence.
Attorney General James Uthmeier announced the investigation on Thursday, saying Robinhood may have violated Florida's Deceptive and Unfair Practices Act.
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The attorney general's office has subpoenaed Robinhood to produce internal documentation supporting its pricing claims.
This move comes at a time when Florida is positioning itself as a crypto-friendly state while maintaining consumer protection standards.