It also comes on the eve of a blockbuster initial public offering that could value Robinhood at $35 billion. Robinhood said the FINRA investigation is related to the "non-registration status" of both Tenev and co-founder Baiju Bhatt, who now serves as chief creative officer. "Robinhood is evaluating this matter and intends to cooperate with the investigation," the company said in the filing. Robinhood is expected to price its IPO on Wednesday and begin trading on the Nasdaq the following morning, CNN Business previously reported. For instance, the CEOs ofand Robinhood rival Webull are registered with FINRA and have their Series 24 licenses as principals.

Source: CNN July 27, 2021 21:45 UTC