New York (CNN Business)Robinhood lifted trading limits on GameStop, AMC and other Reddit favorites Friday, easing restrictions that engulfed the free trading app in controversy last week. “There are currently no temporary limits to increasing your positions,” Robinhood said in a blog post. Robinhood outraged customers and lawmakers last week by temporarily suspending purchases of GameStop (GME), AMC (AMC), BlackBerry (BB) and other stocks backed by an army of traders on Reddit. The restrictions set off calls to boycott the online brokerage and set in motion investigations in Congress. Robinhood has been gradually easing trading restrictions over the past week, increasing the number of shares that users can buy of Reddit stocks. Robinhood’s CEO is not licensed by a powerful Wall Street regulator The startup blamed the temporary buying ban on surging market volatility, which drove its deposit requirements at clearinghouses dramatically higher. Robinhood repeatedly denied it was acting at the behest of hedge funds hurt by the GameStop rally. The trading app turned to investors to rapidly raise $3.4 billion, exceeding its total fundraising in the company’s history to that point. Read More After crashing more than 83% so far this week, GameStop shares rallied 8% during premarket trading… Read full this story
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