Robinhood restricted trading in cryptocurrencies on Friday, as the price of bitcoin and a meme-inspired token rose sharply.
Users began reporting that the trading app had halted instant deposits for crypto purchases earlier in the day, meaning they could only buy the currencies with funds already deposited in their accounts. Such deposits can take up to five business days to clear, Robinhood said.
“Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto,” a Robinhood spokesperson said in a statement emailed to CNBC.
