Robinhood stock trading app restricted transactions for
Along with
"We continuously monitor the markets and make changes where necessary," Robinhood said in the blog. "In light of recent volatility, we are restricting transactions for certain securities to position closing only."
Robinhood added that it "recently revamped and expanded Robinhood Learn," to to help people "educated themselves, including how to make sense of a volatile market."
The restricted stocks were popular on Reddit r/WallStreetBets stocks, where users banded together to drive up prices of such stocks despite traditional hedge funds that had shorted them, The Verge reported.
Robinhood helped the Reddit users drive the stock prices up since the stock trading app allows amateur investors to trade without fees with a "mission to democratize finance for all."
Market makers like
As of Wednesday,
A WallStreetBets subreddit user called Robinhood's halt on new options or shares "market manipulation," with other similar complaints on the forum.
More than half of Robinhood users own at least some
"This is beyond absurd," Tlaib tweeted.
Last month the
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