As if Robinhood didn’t have enough public outrage to deal with…
Wall Street’s most vilified trading app moved to restrict users from snapping up high flying cryptocurrencies like Bitcoin on Friday.
In a posting on its website, Robinhood said “instant deposits” can no longer be used for crypto purchases “due to extraordinary market conditions.”
Instead, members will need to wait up to five business days for funds to settle in their accounts before hitting the buy button.
Similar restrictions have been placed on digital darling Dogecoin, which has spiked as much as 800 percent.
Bitcoin has been enjoying tremendous popularity with celebrities and day traders, hitting an all time high of $41,973 in early January.
As of noon Friday, a single Bitcoin could be purchased for a mere $34,7726.
Robinhood — which was moving toward an initial public offering of its own in 2021 — has been receiving backlash this week for restricting traders from purchasing shares of GameStop ($GME) and other popular “meme stocks.”
In an interview Thursday with CNBC, company CEO Vlad Tenev said the restrictions were put in place to “protect the firm and its customers.”
