Robinhood customers are frustrated, as the platform faces critical issues, hitting performance by a big margin. Robinhood had to stop its crypto services after users reported unusual behaviour in the network. As of now, limited service has been enabled, as the team at Robinhood is still looking to resolve the issues, but the situation seems worse than it looks.
Robinhood experienced the outage at a time when the price value of DOGE skyrocketed exponentially. DogeCoin has soared to record levels. The crypto has gained a massive 367% value in the market, outpacing almost everyone in the crypto space. At the time of writing, data from Coindesk shows that DogeCoin is currently trading at $0.338 with a staggering 144% 24-hour change. Multiple supportive and exposure tweets from famous Billionaire and Entrepreneur Elon Musk have also contributed to the rise in DogeCoin value. Valuable investors also include the lucky ones who took part in the GameStop drama on the Wall Street subreddit, boosting stock values to over 1900%.
Since the Robinhood platform also supports DogeCoin trading, it means that the platform users could have potentially made a ton of profits from the DogeCoin boom, but the suspension of service stopped that, making Robinhood users even more angry and frustrated, as they could not take advantage of such a profitable opportunity.
After receiving an ocean of user complaints, application regulators are hinting at imposing a potential ban on the Robinhood app, taking note of the poor performance it has been showing recently. Head of Massachusetts Security Division, William Galvin, expressed his view about the situation, stating that Robin has failed to deliver the promises that it has made to its users, and it feels as if the Robinhood platform is filled with both inexperienced workers and users. Due to this, regulators have made a decisive rule, if approved, that will stop Robinhood from operating in the Massachusetts market.
In response, Robinhood issued statements highlighting that this rule is a direct attack on the main purpose of the app and will hinder the ability of new traders and investors to engage in the market and gain experience. Robinhood continued to target the rule, stating that the rule supports an “old way of thinking”.