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Robinhood Markets (NASDAQ:HOOD) no longer does business with Jump Trading, the original market-making behemoth who powered Robinhood’s zero-fee cryptocurrency business, CoinDesk reported Tuesday, citing a person familiar with the matter.
The news comes as Chicago-based Jump was said to have been pulling back from U.S. markets in the wake of a regulatory crackdown on the industry.
The crypto pact between Jump and Robinhood (HOOD) ended in early July, CoinDesk said, citing on-chain data. The reason for the split is unclear, though it comes at a time when heightened regulatory scrutiny has made it harder for traditional finance (TradFi) players to participate in the space.
Shortly after the U.S. Securities and Exchange Commission sued crypto exchanges Binance Holdings and Coinbase Global (COIN), Robinhood (HOOD) ended support for a handful of popular digital tokens that the regular views as securities rather than a currency.
Robinhood did not immediately respond to Seeking Alpha’s request for comment.
