Robinhood blocks buy access \ stacker news ~bitcoin

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1653 sats \ 17 comments \ @Manikese 10 Jul bitcoin

I thought that Robinhood blocked Bitcoin buying last night because of the Bitcoin price pump. I’ve seen them shutdown buy/sell on assets when they become volatile. However, when I looked closer I saw this in my account, from Robinhood:

“We can no longer support your Robinhood Crypto account Due to your recent crypto wallet transfer(s) that violate the Robinhood Crypto Customer Agreement, we can no longer support your Robinhood Crypto account.”

I asked support and they didn’t know why. The person said they would ask someone else to look into it.

How I use Robinhood: I buy a little every month. Then every few months I send to Strike to consolidate UTXOs before sending to my hardware wallets.

Has anyone experienced anything like this with Robinhood?

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221 sats \ 1 reply \ @Wumbo 10 Jul

I wonder if it is a presumptive move in response to possible legal action:

https://arstechnica.com/tech-policy/2024/05/sec-crypto-crackdown-continues-with-robinhood-as-lawsuit-looms/

13 sats \ 0 replies \ @Manikese OP 10 Jul

Interesting! I wonder if they are up to something fishy!?

43 sats \ 2 replies \ @siggy47 10 Jul

Doesn't surprise me. This is Robinhood, after all. I had similar problems with Gemini and Swan, from whom you might expect it less.

68 sats \ 1 reply \ @Manikese OP 10 Jul

I used Gemini, but I withdrew from them after losing half my net worth with Celsius.

I used Swan until they froze my account every time I tried to withdraw. The quickest they unlocked the account was 4 days.

10 sats \ 0 replies \ @Bell_curve 10 Jul

Terrible

43 sats \ 0 replies \ @OT 10 Jul

Interesting as Strike is also a KYC platform. They're probably just being overly protective. Good to stop using them too.

33 sats \ 2 replies \ @OgFOMK 10 Jul

I fell for Robinhood at the end of 2019. Then you just had Bitcoin paper (digital IOU). I quickly sold it and began my journey to understanding how Bitcoin really worked.

Why don't you use Strike instead to buy Bitcoin? You can send it to Lightning or on Chain for free as long as you are not in a hurry.

23 sats \ 1 reply \ @Manikese OP 10 Jul

I use everything, except Swan because they lock my account every time I try to withdraw and it takes 4 days to unlock.

Now I don’t use Robinhood as well.

23 sats \ 0 replies \ @OgFOMK 10 Jul

I was using Swan and then I decided that Strike was the best for me.

Hahaha!

I was locked out of swan due to a domain change and I got the domain back after 8 months and I just checked swan and I had some sats there!

I have rescued them.

23 sats \ 0 replies \ @SatsMate 11 Jul

This is one of the most untrustworthy organizations. I don't trust the founders, at it is a shitcoin casino. Avoid, avoid avoid - especially with No Fee DCA now!

21 sats \ 1 reply \ @WeAreAllSatoshi 10 Jul

Then every few months I send to Strike to consolidate UTXOs before sending to my hardware wallets.

I don't think you actually have UTXOs in robinhood, isn't it paper bitcoin? But I guess what you're saying is still valid, send to Strike in one chunk then withdraw to cold storage.

14 sats \ 0 replies \ @Manikese OP 10 Jul

Just a single UTXO when I would withdraw from Robinhood. However, instead of adding a dozen little UTXOs from different platforms, I would put them all on Strike and then add 1 UTXO to my hardware setup (from withdrawing all from one transaction from Strike).