Robinhood has banned the purchase of popular stocks

Online trading platforms Robinhood.com and Interactive Brokers have restricted trading in shares of GameStop (GME), Nokia, AMC Entertainment Holdings andother popular promotions.

The company wrote on its blog:

“We constantly monitor the markets and make changes if necessary. In light of recent volatility, we limit transactions in certain securities to only closing positions. "

Users accuse Robinhood of collaborationwith large hedge funds and market manipulation. At the same time, some regulators accuse the WallStreetBets Reddit community of manipulation, whose members massively agreed to buy GME shares. It is worth noting that the recent 400% Dogecoin pump is also credited to the WSB.

GameStop shares were worth $64 on Monday and soared to $347 by Wednesday's close, up 437%.On Thursday, GameStop shares fell by 15.11% to $295, Nokia — by 20.15% ($5.23), AMC Entertainment shares — by 31.91% ($13.55).

Excessive market fluctuations have forced some hedge funds that had been betting on shorts to wind down their positions and call for regulatory oversight. 

The situation caught the attention of the White House, where President Joe Biden's economic team, including Treasury Secretary Janet Yellen, were "monitoring the situation."

Other platforms such as Interactive Brokers and EToro have also imposed restrictions on trading, displeasing traders.

Angry users on social mediareported the inability to buy shares. Dave Portnoy of Barstool Sports also joined the outraged user voices. On his twitter, he wrote:

Either RobinhoodApp will let you trade assets as stated, or the app will die. Everything is very simple.

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