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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.

By Helene Braun
AccessTimeIconJun 12, 2023 at 1:48 p.m. UTC
Updated Jun 12, 2023 at 7:01 p.m. UTC
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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.

Read more: Robinhood Ends Support for All Tokens Named in SEC Lawsuit as Securities

Edited by Parikshit Mishra.


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Helene Braun
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.

Follow @HeleneBraunn on Twitter

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