Robinhood has been fined $70 million for misleading customers and malfunctioning of the system.

Robinhood Financial, the giant online trading platform, was $70 million fine Robinhood’s clients have been hurt, the agency said Wednesday for a series of failures by the securities industry’s self-regulator.

The regulator, the Financial Industry Regulatory Authority, known as FINRA, said the fines – the biggest ever charge – covered issues such as false and misleading information, loss to customers from the system outage in March 2020 and Being cleared to trade options when it was not “appropriate” for them to do so.

Regardless of the size of the fine, the sanctions imposed by FINRA could also help address the regulatory uncertainty that was weighing on Robinhood’s plans to go public. It was expected to officially publish its initial public offering brochure for several months.

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