On Feb 21. the SEC’s Enforcement Division said it had concluded its investigation, Robinhood said in a statement.

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The U.S. Securities and Exchange Commission has closed its investigation into Robinhood's crypto business, the trading platform said in a statement on Monday.

"On February 21, 2025, the SEC’s Enforcement Division advised RHC in a letter that it had concluded its investigation and did not intend to move forward with an enforcement action," the company said.

The company received a Wells notice from the SEC indicating that it would recommend pursuing an enforcement action in May. A Wells notice is a formal announcement from the regulator saying it believes it has evidence that the recipient — Robinhood, in this case — broke the law.

"As we explained to the SEC, any case against Robinhood Crypto would have failed. We appreciate the formal closing of this investigation, and we are happy to see a return to the rule of law and commitment to fairness at the SEC,” said Dan Gallagher, Robinhood's chief legal, compliance and corporate affairs officer, in a statement.

The SEC is also poised to drop its case against crypto exchange Coinbase and has dropped its investigation into non-fungible token platform OpenSea.

An SEC spokesperson declined to comment.