The popular Robinhood crypto trading and stock trading app is down second Monday in a row, after experiencing a major outage this week. The app is troubled again and encountered another technical outage on Monday, causing the platform to halt the trading services as a tweet by Robinhood’s support team showed.
Trading is currently down on Robinhood and we’re investigating the issue. We’re focused on getting back up and running as soon as possible and we’ll update the status page with the latest https://t.co/mON07oWvHy.
— Robinhood Help (@AskRobinhood) March 9, 2020
The firm announced that “trading is currently down on Robinhood and we’re investigating the issue. We’re focused on getting back up and running as soon as possible and we’ll update the status page with the latest.”
Subsequently, the Robinhood crypto trading app has partially restored trading, noting that they are working to get the platform back up and running fully. As some online reports showed, the platform was partly functional after just one hour of downtime.
As of press time, the Robinhood app is still experiencing issues with equities, options and cryptocurrency trading, according to its status page. The website shows that Robinhood has already identified the issue and implemented necessary measures to fix the problem, while the trading services are experiencing “degraded performance.”
The latest outage on Robinhood follows a major technical problem which occurred last week. As we reported in the cryptonews, the day-long outage on March 2 caused the app users to miss out on the biggest one-day point gain in the Dow Jones history, with users apparently planning to start a legal class action against Robinhood.
A report by CNBC showed that one client of the app filed a federal class lawsuit against it on March 4. The plaintiff named Travis Taaffe, reportedly alleges that the Robinhood crypto trading app breached its contract by failing to provide “a functioning platform” which caused traders to be unable to transfer money while the stock markets surged.
And while some reports in the Bitcoin news claim that the founders of the app said they would compensate investors impacted by the outage on a case-by-case basis, the company’s customer agreement outlined that Robinhood will not be responsible for any outages on the platform.
“Although considerable effort is expended to make the Website, App and other operational and communications channels available around the clock, Robinhood does not warrant that these channels will be available and error free every minute of the day. I agree that Robinhood will not be responsible for temporary interruptions in service due to maintenance, Website or App changes, or failures, nor shall Robinhood be liable for extended interruptions due to failures beyond our control, including but not limited to the failure of interconnecting and operating systems, computer viruses, forces of nature, labor disputes and armed conflicts,” is noted in the 44-page document.
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