In addition to the fine, terms of the settlement require the platform to allow its customers to withdraw their crypto assets, and to update disclosures regarding asset custody.
The California DOJ also accused the platform of misleading its customers by claiming that the app "advertis[ed] it would connect to multiple trading venues, to ensure customers receive the most competitive prices between the venues, which was not always true". They also say that Robinhood lied about always holding all customer crypto assets purchased through the platform, when in reality, "there were instances in which it arranged for trading venues to hold customer assets for extended periods".