+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Robinhood back online after 'experiencing issues with crypto trading,' sparking users' outrage amid massive Dogecoin rally

Apr 16, 2021, 12:01 IST
Business Insider
Robinhood appSOPA Images/Getty Images
Advertisement

Robinhood said on Thursday evening that it was experiencing issues executing users' cryptocurrency trades but had "fully restored" trading by midnight Thursday.

"Update: Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We've resolved the issue and apologize for the inconvenience," it tweeted.

Service started faltering around 10 p.m. Eastern Time.

The technical difficulties came as the cryptocurrency Dogecoin's price has soared in recent days, prompting outrage from users hoping to cash in on the rally. Dogecoin's value has skyrocketed more than 230% over the past three days, increasing its total market value to more than $34 billion.

"No, we didn't place restrictions on $DOGE trading. This is false information," Robinhood tweeted earlier in response to users alleging on social media that the company had restricted trading of the cryptocurrency.

Advertisement

Robinhood has come under fire from users and regulators previously over issues with its trading platform during major market events.

In January, Robinhood blocked purchases of GameStop, AMC, and other stocks after days of Reddit-fueled rallies. The company has since been subpoenaed as part of a federal investigation and is facing a class-action lawsuit from users.

In March, Robinhood experienced major outages two days in a row, again drawing outrage from users who were locked out of trading as markets had their biggest rally in years.

You are subscribed to notifications!
Looks like you've blocked notifications!
Next Article