Robinhood CEO Vlad Tenev wrote, "Since that time, we have seen additional deterioration of the macro environment, with inflation at 40-year highs accompanied by a broad crypto market crash. This has further reduced customer trading activity and assets under custody. Last year, we staffed many of our operations functions under the assumption that the heightened retail engagement we had been seeing with the stock and crypto markets in the COVID era would persist into 2022."
The announcement came the same day that Robinhood was fined $30 million by the state of New York for insufficient anti-money laundering and cybersecurity protections in the crypto portions of their offering.