Robinhood has halted the availability of Super Bowl event contracts, just one day after introducing them, following a request from the Commodity Futures Trading Commission (CFTC).
The trading platform stated that the US regulatory body had formally mandated that Robinhood Derivatives, the division responsible for offering these contracts, must not allow customers to access them.
The decision was made public on Tuesday through a statement, in which the company reported that only 1% of its 24.3 million customers worldwide had been granted access to these contracts. Customers who have already placed orders have the option to either close their positions or settle them.
In response to the CFTC’s concerns, Robinhood expressed disappointment and stated that it had been communicating regularly with the regulatory body about its plans to offer this product. As a result, the rollout of Pro Football Championship market has been put on hold.