Robinhood derivatives that forced the withdrawal of sporting events

Robinhood derivatives announced that the CFTC futures trading committee had asked “not to allow customers to reach sporting events.

In response, Robinhood suspends the professional football championship market, which has been presented to about 1 % of its users.

CFTC prevents the sports bets of Robinhood

According to the official press releaseThe company said that the customers who have already put trading will have an option either to close their sites or see them until the decision. Robinhood expressed her disappointment at the decision, saying that she was in regular contact with CFTC regarding her structure and plans for the product.

Robinhood confirmed that he has taken necessary steps to defend the balanced organization in futures and derivatives markets. This includes the participation directly at the CFTC round table and made written notes to the International Energy Agency. However, the Financial Services Company confirmed this

“RHD will continue to cooperate with CFTC as we are working to launch the most comprehensive juvenile contract platform later this year.”

Increase scrutiny in CFTC

The last development appeared just one day after the Robinhood sporting events in partnership with the KALSHI prediction market. The producer allowed users to trade on the results of the Philadelphia Eagles against Kansas City Chevings Super Ball on February 9.

This decision follows the increase in the audit of the CFTC Futures Trading Committee, which is currently reviewing the similar Super Bowl event of the Crypto.com and Kalshi.

The agency assesses whether these contracts meet the criteria for compliance with derivatives and protect from manipulation of the market. CFTC has the authority to claim more documents and enforcement procedures or proposal to new regulatory measures can begin.

The comment came amid a broader regulatory tightening of events contracts, as CFTC recently announced general round plans on this issue. Crypto.com maintained its confidence in the legitimacy of its contracts, saying that it considers CFTC the right power to ensure the safety of the market