Robinhood suspends instant deposits for crypto purchases over DOGE spike.

[Malam90]

Stock and cryptocurrency trading platform Robinhood has temporarily disabled instant deposits for cryptocurrency purchases as of Friday, citing "extraordinary market conditions."

Users are still able to buy cryptocurrency using settled funds that have previously been deposited, although such deposits can take up to five business days to clear.

A Robinhood spokesperson told CNBC that the company would "keep monitoring market conditions and communicating with our customers.

Robinhood has faced recent criticism for suspending the trading of a number of traditional stocks, including GameStop, that were being supported by retail investors to the detriment of Wall Street hedge funds.

This prompted U.S. congresswoman Alexandria Ocasio-Cortez to describe the move as unacceptable. Ocasio-Cortez, who sits on the House Financial Services committee, then hosted an hour long Twitch stream, discussing the topic with a number of guests, which pulled in 300,000 viewers.

One of the questions that the congresswoman posed was: "How do you actually shift power back into the hands of everyday people? Ultimately that's what this is about.”

Robinhood's "Instant Buying" functionality is a paid feature that gives customers instant access to funds from bank deposits and stock trades.

The suspension of instant buying power for crypto through the trading app comes hot on the heels of the same group of retail investors, led by Redditors from the r/Wallstreetbets subreddit, pumping Dogecoin (DOGE) to surge 900%.

This has led to the meme-based coin reentering the top 10 digital assets by market capitalization for the first time since 2015. News Source

[yurez]

I think Robinhood is wrong and shouldn't do that.  If I was a client of Robinhood, I would leave their platform, as it is not known what they will come up with next time.

[Bobcrypto]

Yes, Robinhood was wrong. They should have known that cryptocurrecy has huge enthusiasts or participants before adding them to it's platform. Now dogecoin has drawn a very big attentions, and whether Robinhood Luke it not, I think more interest are coming in to invest in dogecoin in 2021.

Again, Cryptocurrecy influx of interest on the daily basis especially the new popular coin, the dogecoin, which may greatly caused some Internet traffic in many exchanges. Robinhood should better prepare for the  biggest bull run any time and not shot down operations for unnecessary reasons.

[bitcoin-shark]

robinhood shouldn't make these limitations to only favor big investors and not suffer losses should give the same chance to everyone, i don't think I'll use it anymore given its policy

[IyemRoker]

Robinhood is highly appreciated because the price hike from DOGE can be beneficial for those who deposit and it can also be detrimental to investors who deposit directly via Visa card.
The advantage is if it is right when Fiat deposits to DOGE, the price is Pump, but if the price is Dump, investors will experience losses and blame the Robinhood Exchange.

[whyrqa]

Robinhood is highly appreciated because the price hike from DOGE can be beneficial for those who deposit and it can also be detrimental to investors who deposit directly via Visa card.
The advantage is if it is right when Fiat deposits to DOGE, the price is Pump, but if the price is Dump, investors will experience losses and blame the Robinhood Exchange.

If anything, what happened this week will trigger a real investment in Doge. If investors lose, then the accusation against someone's address will be nothing more than empty words, because everyone invests in cryptocurrency at their own peril and risk.