Robinhood settles 'gamification' case with Massachusetts regulators for $7.5M

Cryptocurrency and stock trading app Robinhood has reached a $7.5 million settlement with Massachusetts regulators over a "gamification" case.

The Massachusetts securities regulator launched an enforcement action in December 2020, accusing Robinhood of promoting its platform as "some kind of game you might win" to inexperienced investors and recommending revocation of Robinhood's broker-dealer license in the state. It is reported that the new settlement agreement ends nearly three years of legal battles between Robinhood and Massachusetts.