As part of the restructuring, Aparna Chennapragada, Robinhood’s Chief Product Officer, will be leaving the company.
In addition to payment of a $30 million penalty, Robinhood Crypto will be required to retain an independent consultant.
Robinhood shares have been on a nearly year-long slide since going public last July, with the company now valued at $7.9 billion.
The SEC wants a more competitive alternative to PFOF, where client orders are auctioned off or competed for in an orderly fashion.
ClearBank powers Ziglu’s real-time processing and reporting for its GBP virtual accounts, using API and cloud-based solutions.
Stock Lending is currently rolling out to customers and Robinhood expects it to be available to all customers by the end of May.
The changes at Robinhood come on the heels of weak recent results, as well as a steady and continued fall in Robinhood shares.
Robinhood shares are now down 74% from their $38 IPO price in July, and 88% from their $85 peak set in the weeks post IPO.
At a time when many companies are calling for employees to return to the office, Robinhood has decided to go the other way.
Steve Quirk will be acting as Chief Brokerage Officer to oversee broker-dealers Robinhood Financial and Robinhood Securities.