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Robinhood Crypto is a trading platform where users own their own crypto and we hold it securely on their behalf. Is this regulated somehow? Are there a
by TekMol 3y ago
Robinhood Crypto is a trading platform where
users own their own crypto and we hold it
securely on their behalf.
Is this regulated somehow? Are there any governmental auditors coming in from time to time and check whether that crypto really exists? Or is it possible that they sell unbacked IOUs?
- pavlov 3y agoIn crypto, the answer to "is this regulated" and "are there government auditors" is always "haha absolutely not". And they really like it that way. Sure, Sam Bankman-Fried is in jail because he took $8 billion of funds that his company was supposed to be holding on customers' behalf. But see, that's actually positive for crypto, as it somehow in crypto-bro logic proves that everybody else is clean as a whistle. (Never mind that SBF was the #1 credible face of this industry only 14 months ago.)
- Yizahi 3y agoThere is no crypto trading platform or organization which had even a single independent audit, in any country. That's more than enough information I think :)