Cryptocurrency exchange summoned to court for stopping the sale of cryptocurrency memes

The cryptocurrency exchange Robinhood has been subpoenaed to appear in court — all because of an upcoming class action lawsuit over market manipulation related to the suspension of meme cryptocurrency sales.

As it became known, cryptocurrency investors are preparing a class action lawsuit against the Robinhood platform. In 2021, representatives of Robinhood temporarily restricted trading in some cryptocurrencies that have risen in value. Among the tokens banned are Dogecoin, GameStop, and AMC.

The Robinhood exchange was accused of deliberately depriving traders of the opportunity to invest in meme cryptocurrencies. The volatility has led to large losses for hedge funds that have bet on a decline in the value of the stock. Now, Robinhood representatives will have to prove that such actions were not manipulations with securities.

As a reminder, Robinhood will also pay compensation to its customers for technical problems that led to material losses to users. As it became known, within the framework of the trial, representatives of Robinhood reached an agreement with a group of plaintiffs who lost $ 20.4 million of their savings due to repeated problems with the Robinhood software. In total, the collective appeal to the court was supported by 15,000 users, who will share $ 9.9 million.