<p><img src="https://static5.businessinsider.com/image/5eed27203ad8611bb550ee55-2400/2016-05-10t000000z1409200759s1betdhlxhaartrmadp3usa-business.jpg" border="0" alt="Vlad Tenev, co-founder and co-CEO of investing app Robinhood." data-mce-source="REUTERS/Brendan McDermid" data-mce-caption="Vlad Tenev, co-founder and co-CEO of investing app Robinhood."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Robinhood CEO Vlad Tenev said Thursday the company's move to restrict trading of GameStop, AMC, and other stocks was in the best interest of the app and its users.</p><p>"In order to protect the firm and protect our customers we had to limit buying in these stocks," Tenev told <a href="https://www.cnbc.com/2021/01/28/robinhood-ceo-says-it-limited-buying-in-gamestop-to-protect-the-firm-and-protect-our-customers.html">CNBC</a> Thursday evening.</p><p>On Thursday, the stock-trading app <a href="https://markets.businessinsider.com/news/stocks/robinhood-removes-gamestop-amc-reddit-wallstreetbets-fueled-stock-rally-gme-2021-1-1030015292">blocked purchases of stocks</a> in 13 equities including GameStop, AMC, BlackBerry, and Nokia. Users of the app became furious and even <a href="https://www.businessinsider.com/robinhood-class-action-lawsuit-restricting-removed-gamestop-trading-wallstreetbets-2021-1">launched a class-action suit</a> against Robinhood. Later in the day, the company announced it would <a href="https://www.businessinsider.com/robinhood-to-allow-gamestop-amc-nokia-stock-purchases-2021-1">reopen limited purchases</a> of the affected stocks.</p><p>Tenev said Thursday was "a challenging day" and the firm had to make "a very difficult decision as part of normal operations."</p><p>"It pains us to have had to impose these restrictions," said Tenev, adding that Robinhood is going to do what it can to enable trading in these stocks soon.</p><p>He said he wanted to address the misinformation, stressing that the company didn't do this at the direction of any market maker. "Robinhood is a brokerage firm, we have lots of financial requirements," he said.</p><p>"We just haven't see this level of concentrated interest market wide in a small number of names before," said Tenev. "We do believe that you should be able to buy and sell the stocks that you want to."</p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/robinhood-lawyers-lawsuit-legal-sec-regulations-fintech-claims-trading-app-2021-1'r=kd-sub">Robinhood has beefed up its legal firepower with these 11 lawyers as it eyes a blockbuster IPO, including SEC veterans and a Goldman Sachs in-house counsel</a></em></p><p>He said the interest Robinhood is seeing was due to the fact that "finance has been culturally relevant in a way that hasn't been before."</p><p>Tenev <a href="https://www.businessinsider.com/robinhood-ceo-defends-gamestop-amc-nokia-trading-restrictions-2021-1">denied there was any existing liquidity problem</a> at Robinhood, following rumors <a href="https://www.businessinsider.com/robinhood-draws-on-credit-lines-amid-gamestop-frenzy-report-2021-1'r=ts-sub" data-analytics-module="body_link" data-analytics-post-depth="40" data-uri="bd5b9e48e8dfbc7ad5ad1eb681a8963c">the company had borrowed</a> "at least several hundred million dollars" from banks amid the huge surge in trading on its platform. He said he pulled in credit lines as a proactive measure.</p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/robinhood-ceo-defends-gamestop-amc-nokia-trading-restrictions-2021-1" >Robinhood's CEO denies the trading platform is facing liquidity issues amid investor frenzy</a></strong></p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/google-rode-to-robinhood-rescue-after-it-was-review-bombed-2021-1" >Google rode to Robinhood's rescue after it was review-bombed and lost its four-star rating</a></strong></p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/gamestop-stock-trading-robinhood-users-critics-revolt-2021-1" >Robinhood users are revolting against the trading app after it stopped trades of GameStop</a></strong></p><p><strong>SEE ALSO: <a href="https://markets.businessinsider.com/news/stocks/robinhood-removes-gamestop-amc-reddit-wallstreetbets-fueled-stock-rally-gme-2021-1-1030015292" >Robinhood blocks purchases of GameStop, AMC, and others after days of Reddit-fueled rallies</a></strong></p><p><a href="https://www.businessinsider.com/robinhood-ceo-limited-buying-gamestop-protect-firm-customers-2021-1#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/london-streets-left-deserted-during-covid-19-lockdown-2020-3">Inside London during COVID-19 lockdown</a></p>
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