Robinhood received an “investigative request” from Finra on Monday.

In investigative request is regarding Robinhood’s compliance with “Finra registration requirements,” particularly the status of Tenev and his co-founder, Baiju Bhatt. According to Robinhood, Finra is asking for documents and information.

According to the documents, Robinhood is evaluating this matter and intends to cooperate with the investigation.

Although it was previously reported that Tenev lacked a Finra license, the investigation by Finra is new. It is sure to add scrutiny to Robinhood’s business practices as the popular online stock trading platform prepares to go public.

The trading platform offers cryptocurrency trading for seven major coins, including fan favorite Dogecoin.

Finra requires employees “engaged in the securities business” to register and pass a series of exams that test their “competence” in the securities industry. It’s a stopgap meant to “ensure” brokers have a “minimum understanding and expertise,” according to Finra.

In the past, Robinhood has argued that Tenev is exempt from Finra registration because he is CEO of Robinhood Markets, the holding company, not its trading subsidiary, Robinhood Financial.

Robinhood declined to comment on the matter.

Finra earlier issued $70M fine to Robinhood earlier to settle allegations, claiming the investing platform neglected its duty to supervise trades, maintain its technology and protect customers.

Source: Finra Investigates Robinhood's Registration Violation – Fintechs.fi