Robinhood Financial’s planned initial public offering is facing delays due to ongoing scrutiny of the brokerage’s cryptocurrency business by the Securities and Exchange Commission, according to news reports.

The zero-commission brokerage, which has attracted a variety of regulator attention and several lawsuits related to its practices in the past two years, confidentially filed for an IPO in March.

The same month, Robinhood Markets CEO Vlad Tenev said the firm wants to expand its cryptocurrency capabilities, which already included allowing clients access to the cryptocurrencies Bitcoin, Ethereum, Dogecoin and Litecoin through Robinhood Crypto.

That existing crypto business, however — which Robinhood launched in 2018 — has attracted questions from the SEC, a person familiar with the matter tells Bloomberg. The resulting back-and-forth over the company’s prospectus may push the planned IPO, which had already been pushed back from June to July, into the fall, the person tells the news service.

Bloomberg’s sources add, however, that the IPO may still take place this summer and that the firm plans to disclose its financials and to go public as soon as the SEC’s review wraps up.

A Robinhood representative declined comment to the news service, as did an SEC spokesperson, who cited the regulator’s policy not to comment on specific filing reviews, according to Bloomberg.

Earlier this month, Robinhood announced that it would allow customers to participate in IPOs, including its own, the news service writes.

Robinhood’s cryptocurrency business is just one aspect of the firm’s operations that has attracted regulatory attention.

In December, the company agreed to pay $65 million to resolve SEC charges over the routing of customer trades after the regulator accused the brokerage of making misleading statements and omissions about payments for order flow, from which Robinhood derives the bulk of its revenue.

The company is also still embroiled in a legal battle with Massachusetts Secretary of the Commonwealth William Galvin, who charged Robinhood in December in connection with dozens of outages on its platform from the start of 2020 through the end of November, as reported.

In April, reports emerged that Robinhood failed to disclose certain fractional trades as required by Financial Industry Regulatory Authority and the SEC.

Robinhood is also facing dozens of lawsuits connected to outages on its platform as well as its decision to halt trading in so-called “meme stocks,” such as Gamestop, in January.

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