News

• Robinhood said it was “experiencing issues with crypto trading” on Thursday evening but says service has been “fully restored.”
• The trading issues came as Dogecoin’s price has soared in recent days, prompting outrage from users.
• Robinhood has come under fire repeatedly after users were unable to trade during market rallies.
• See more stories on Insider’s business page.

Robinhood said on Thursday evening that it was experiencing issues executing users’ cryptocurrency trades but had “fully restored” trading by midnight Thursday.

“Update: Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We’ve resolved the issue and apologize for the inconvenience,” it tweeted.

Service started faltering around 10 p.m. Eastern Time.

The technical difficulties came as the cryptocurrency Dogecoin’s price has soared in recent days, prompting outrage from users hoping to cash in on the rally. Dogecoin’s value has skyrocketed more than 230% over the past three days, increasing its total market value to more than $34 billion.

“No, we didn’t place restrictions on $DOGE trading. This is false information,” Robinhood tweeted earlier in response to users alleging on social media that the company had restricted trading of the cryptocurrency.

Robinhood has come under fire from users and regulators previously over issues with its trading platform during major market events.

In January, Robinhood blocked purchases of GameStop, AMC, and other stocks after days of Reddit-fueled rallies. The company has since been subpoenaed as part of a federal investigation and is facing a class-action lawsuit from users.

In March, Robinhood experienced major outages two days in a row, again drawing outrage from users who were locked out of trading as markets had their biggest rally in years.