01:37 PM EDT, 07/11/2025 (MT Newswires) -- Robinhood Markets' ( HOOD ) cryptocurrency unit is facing an investigation launched by Florida Attorney General James Uthmeier for alleged false promotion of its crypto platform as the "least expensive way" to buy crypto, the office of the attorney general said Thursday.

Uthmeier also issued a subpoena to uncover internal documents, the AG's office said.

Robinhood Crypto is allegedly breaking Florida's Deceptive and Unfair Practices Act by claiming to offer "the lowest cost on average" and promising customers "the most crypto for your money," despite evidence that trading on Robinhood is more expensive than competing platforms, the AG's office added.

Robinhood Crypto must respond to the subpoena by July 31.

"We disclose pricing information to customers during the lifecycle of a trade that clearly outlines the spread or the fees associated with the transaction and the revenue Robinhood receives," Lucas Moskowitz, general counsel at Robinhood Markets ( HOOD ), said in an email to MT Newswires on Friday. "We are proud to be a place where customers can trade crypto at the lowest cost on average."

Shares of Robinhood Markets ( HOOD ) were up 1.8% in recent Friday trading.

Price: 100.47, Change: +1.77, Percent Change: +1.79