Robinhood’s May crypto trading volume dropped by 68% to $2.1B.

Robinhood, a popular trading platform, reported on Monday that crypto trading volume decreased steeply in May, while equities and options trading volumes remained high. The company reported that trading volume for cryptocurrencies dropped to $2.1 billion in May, which is a 43% decrease from the prior month. The company also reported a yearly decrease of 68% in crypto trading volume. The daily average trading revenue (DART) for crypto trading decreased by 22% in May and 53% year-over-year. The platform recently delisted three tokens, leaving only 15 cryptocurrencies available for trading due to U.S. Securities and Exchange Commission (SEC) lawsuits against Coinbase and Binance. Robinhood is trying to register as a special-purpose broker for digital assets in 2021, but conversations were unsuccessful. The SEC has only issued an investigative subpoena to Robinhood regarding its crypto operations, unlike Coinbase and Binance, which were hit with lawsuits this month on accusations of violating U.S. securities laws.

Read more: Robinhood Ends Support for All Tokens Named in SEC Lawsuit as Securities

Edited by Parikshit Mishra.

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