Robinhood Markets Inc. confirmed on Friday the company has restricted trading of cryptocurrencies on its trading app "due to extraordinary market conditions" related to recent volatilities.
According to CNBC, Robinhood users are currently unable to make instant deposits for purchases of cryptocurrencies, but only use funds already deposited in their accounts. The company explained the issue saying that such deposits could take up to five workdays to be approved.
"Due to extraordinary market conditions, we’ve temporarily turned off Instant buying power for crypto. Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers," Robinhood stated.
