Robinhood’s report on Monday showed that cryptocurrency trading volume decreased in May.
Trading volume for shares and options stayed high, but trading volume for cryptocurrencies decreased by 43% to $2.1 billion compared to the previous month. Cryptocurrency trading volume decreased by 68% each year. The daily average trading revenue (DART) went down by 22% in May. Crypto trading had a 53% decrease compared to the previous year.
Robinhood removed three tokens last week as part of its regular review process. Only 15 cryptocurrencies are available for trading on the platform now. ADA, MATIC, and SOL were removed from trading because the SEC said they were securities. Coinbase and Binance were sued by the SEC.
Dan Gallagher, Robinhood’s chief compliance lawyer, told lawmakers that the company tried to register as a special-purpose broker for digital assets this year. But these talks didn’t work. Coinbase and Binance were sued this month for breaking U.S. securities laws. Robinhood received a subpoena from the SEC about its crypto operations.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.