Robinhood CEO Says Allegations That Trading Restrictions Were Meant to Help Hedge Funds Are ‘Absolutely False’Epoch Times, United States politics | The Epoch Times

Robinhood CEO Vladimir Tenev said in testimony before the House Financial Services Committee on Thursday that any allegations his trading app tried to help hedge funds by limiting trades on volatile stocks last month is false. Tenev began his testimony before the committee at around noon ET on Thursday, by saying that Robinhood sought to “democratize investing” and make it easier for retail investors to gain access to stock markets. Committee chairwoman Maxine Waters (D-Calif.) asked Tenev to expound on what happened on Jan. 28, the day that Robinhood blocked trading of GameStop stock amid a frenzied trading rally. Tenev told the panel that the online broker, one of the most popular venues in the recent retail-trading mania, put temporary buying restrictions on GameStop and a number of other securities as clearing house-mandated deposit requirements for equities increased ten-fold. “Robinhood put the restriction in place in an effort to meet …Read More

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