Robinhood’s May Crypto Trading Volume Falls 68% to $2.1B

The trading platform recently delisted three tokens that were classified as securities in the SEC's lawsuit against Coinbase and Binance.

AccessTimeIconJun 12, 2023 at 1:48 p.m. UTC
Updated Jun 12, 2023 at 7:01 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Popular trading platform Robinhood (HOOD) has seen a steep decline in crypto trading volume in May, the company reported on Monday, even while volume for equities and options remained high.

The company reported that trading volume for cryptocurrencies dropped to $2.1 billion in May, down 43% from the prior month. On a yearly basis, crypto trading volume slowed 68%, it said.

Daily average trading revenue (DART), a metric that tracks the average trade per day that generated commissions or fees, was down 22% in May and 53% year-over-year for crypto trading.

Just last week, Robinhood delisted three tokens as part of its regular review, leaving only 15 cryptocurrencies available for trading on the platform, the company said. The delisted tokens, Cardano's ADA, Polygon's MATIC, and Solana's SOL, were named as securities by the U.S. Securities and Exchange Commission (SEC) in recent lawsuits against Coinbase (COIN) and Binance.

Robinhood Markets’ chief compliance lawyer Dan Gallagher told lawmakers that the company was trying to register as a special-purpose broker for digital assets in 2021, but the conversations weren’t successful.

Both Coinbase and Binance were hit with lawsuits earlier this month on accusations of violating U.S. securities laws. Robinhood has so far only received an investigative subpoena from the SEC regarding its crypto operations, it revealed in its 10-K filing in February.

Edited by Parikshit Mishra.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Helene Braun

Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.