The crypto trading offering platform of brokerage firm Robinhood Markets Inc. had to receive Wells Notice from the SEC on charges of violating securities laws.

According to an 8-K form filed today, Robinhood Markets Inc. said U.S. Securities and Exchange Commission (SEC) employees made a preliminary decision to recommend coercive action for its cryptocurrency trading service provider on charges of violating Sections 15(a) and 17A of the Securities Act of 1934.