Florida’s Attorney General James Uthmeier has launched an investigation into Robinhood’s crypto trading promotions, alleging the company misled customers about the true costs of trading digital assets on its platform.

According to a report from Bloomberg, the probe centers on Robinhood’s marketing claims that it offers the “lowest cost on average” and gives users “the most crypto for your money,” which state officials say may be deceptive.

This story is an excerpt from the Unchained Daily newsletter.

The state contends that, despite Robinhood’s claims, evidence suggests trading crypto on Robinhood may actually be more expensive than on competing platforms. 

This is attributed to Robinhood’s reliance on the payment for order flow (PFOF) business model, where third-party firms pay Robinhood to execute trades, potentially resulting in less favorable prices for customers.

Robinhood Crypto must respond to the subpoena by July 31, 2025.