Robinhood Monetary is dealing with an investigation over CEO Vlad Tenev’s failure to register with the Monetary Trade Regulatory Authority , one among Wall Avenue’s high regulators, the net dealer disclosed Tuesday in regulatory filings.

The agency mentioned it acquired an “investigative request” from Finra on Monday.

In query is Robinhood’s compliance with “Finra registration necessities,” significantly the standing of Tenev and his co-founder, Baiju Bhatt. Finra needs paperwork and data, Robinhood mentioned.

“Robinhood is evaluating this matter and intends to cooperate with the investigation,” the agency mentioned within the paperwork.

Though it was beforehand reported that Tenev lacked a Finra license, the investigation by Finra is new. It’s certain so as to add scrutiny to Robinhood’s enterprise practices as the favored on-line inventory buying and selling platform prepares to go public. The fintech provides cryptocurrency buying and selling for seven main cash, together with fan favourite DOGE.

Finra requires staff “engaged within the securities enterprise” to register and go a collection of exams that check their “competence” within the securities business. It’s a stopgap meant to “guarantee” brokers have a “minimal understanding and experience,” in accordance with Finra.

Previously, Robinhood has argued that Tenev is exempt from Finra registration as a result of he’s CEO of Robinhood Markets, the holding firm, not its buying and selling subsidiary, Robinhood Monetary. 

Robinhood declined to remark.