Written by Felipe ErazocontributorReviewed by Alex Cohenformer editorRobinhood Vows to Improve Platform Following Customer Tragedy
Latest NewsPublishedJun 19, 2020
The suicide of Alexander Kearns prompted Robinhood to take additional measures to improve its platform.
Alexander Kearns, a 20-year-old customer of stock and cryptocurrency trading platform, Robinhood, committed suicide on June 12. This tragedy reportedly occurred after an erroneous negative balance of more than $730,000 appeared in Kearns’ account. This error has prompted the platform to take measures in order to improve the platform’s offering.
According to the official announcement, Robinhood is considering additional criteria and education for customers seeking level 3 options authorization. They state that this may help ensure customers understand the platform’s sophisticated options trading features.
They note that they will also be expanding educational content related to options trading within their website, while also rolling out improvements to in-app messages and emails sent customers about their multi-leg options spreads.
The company also announced a $250,000 donation to the American Foundation for Suicide Prevention.
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