Robinhood Gets USD 70M Penalty Due To ‘Signigificant Harm’ + More News


Regulation news

The US Financial Industry Regulatory Authority, (FINRA), said that it had fined Robinhood, a major online trading platform in USD 57m, and ordered Robinhood to pay approximately USD 12.6m as restitution plus interest to thousands of customers who were harmed. FINRA claims that this is the most severe financial penalty it has ever issued. “FINRA assessed the extensive and serious harm that customers suffered, including millions of customers that received misleading or false information from the firm, millions affected by the firm’s March 2020 system outages and thousands of customers who were able to trade options even though it was inappropriate for them to do so,” FINRA stated. It also added that Robinhood must pay more than USD 7 million in restitution for customers that suffered losses as a result of Robinhood’s misstatements. (Learn More: Elon Musk Just posed these questions to Robinhood CEO – These are His Answers)

According to the Financial Review, the Australian Securities and Investments Commission is open to crypto funds being allowed on the Australian Securities Exchange (ASX), and other markets provided that proper protections are in place. ASIC stated that ETFs linked to cryptoassets like Bitcoin (BTC) pose a “real risk to consumers and markets” and should be treated with caution.

News about tokenization

According to Reuters, Galaxy Interactive, the venture capital arm of Mike Novogratz’s Galaxy Digital has assumed a leading investor role in Republic Realm. Republic Realm, a US-based company, was established in March 2021. It has made over 1,500 investments. This month, Republic Realm purchased a plot in the blockchain-based online world DEcentraland (MANA) for USD 900,000.

tZERO, a blockchain company, announced that it has partnered up with NYCE Group (a fintech company specializing in real estate crowdfunding), to digitize approximately USD18m of NYCE equity interest once they are issued. NYCE intends to create 100,000 high-net-worth stakeholders of color millennials by 2030. They said that they have access to the real estate portfolio of NYCE, which currently has USD 260m under management through its investment app.

Banking news

According to Reuters, Natwest Group, a UK-based banking and insurance holding company, has capped the amount customers can send to cryptocurrency exchanges daily due to concerns about investment frauds and scams. Reuter, citing an unnamed source, reported that the cap is temporary and can vary by exchange. It’s typically in the thousands of dollars.

CBDC news

Spanish Socialist Party (PSOE), has proposed the creation of a national digital currency El Economista reported. The proposal of the party is to “recover money as a public good that is more stable and under democratic supervision.”

According to the Bank of Russia, a pilot group of 12 banks has been formed to develop the prototype of the digital ruble platform and begin testing it in January 2022. They plan to test the emission and other operations at the initial stage.

Mining news

Hut 8 Mining announced that it had completed a USD 44.4m acquisition of 11,090 MicroBT S30S, M30S+, and M31S miners by SuperAcme Technology. Expect the miners to arrive in October 2021, and they will be fully deployed by December 2021.

Blockware mining is a North American Bitcoin mining company. It announced that it raised more than USD 25 million in a second round of oversubscribed funding rounds. They added that the company intends to use the funds to expand the scale and scope of its mining operations beyond the current North American footprint.

Argo Blockchain, a crypto mining company, announced that it had secured a GBP14m (USD 20m), loan agreement with Galaxy Digital LP. The agreement was secured using BTC as collateral. They explained that the loan will allow Argo Blockchain to keep its bitcoin holdings while expanding its mining operations.

Bitmain, a crypto mining hardware manufacturer, has signed a purchase order for TeraWulf Inc. to purchase 30,000 units of Bitmain’s Antminer S19jPro, its latest generation miner. TeraWulf expects to increase its total mining havehrate by three EH/s with the new miners. The order will be shipped from January through June 2022.

News about NFTs

Udiscovermusic reports that Katy Perry, the global pop star, has launched Katy Perry NFTs in collaboration with Theta Network. It added that the first digital collectibles will include content from Katy Perry’s “Play” residency at Resorts World Las Vegas beginning in December 2021.

Information about careers

Ripple, a payments solution provider, has appointed Sendi young as its European Managing Director to oversee strategy and promote RippleNet’s financial network technology. Young previously worked for Mastercard where she was responsible for strategy, commercialization and business development.

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