Robinhood (HOOD) reported on Monday that its crypto trading volume had dropped 43% in May, from $3.7 billion in April to $2.1 billion. Year-over-year, the trading volume had decreased 68%. The company’s Daily Average Trading Revenue (DART) was also down 22% in May and 53% year-over-year.
Just last week, Robinhood delisted three tokens as part of its regular review, leaving only 15 cryptocurrencies available for trading on the platform, the company said. The delisted tokens, Cardano’s ADA, Polygon’s MATIC, and Solana’s SOL, were named as securities by the U.S. Securities and Exchange Commission (SEC) in recent lawsuits against Coinbase (COIN) and Binance.
Dan Gallagher, Robinhood Markets’ chief compliance lawyer, told lawmakers that the company was trying to register as a special-purpose broker for digital assets in 2021, but the conversations weren’t successful. Robinhood has so far only received an investigative subpoena from the SEC regarding its crypto operations, it revealed in its 10-K filing in February.