Robinhood Markets (HOOD) said it may face enforcement action from Securities and Exchange Commission (SEC) related to its cryptocurrency business. The online trading platform disclosed that it had received a Wells Notice from the regulator in an SEC filing Monday.

The regulator has ramped up its crackdown of cryptocurrency industry in the past year. This latest notice to Robinhood may likely be a precursor to similar actions the regulator took against Coinbase (COIN) and Kraken last year.

What the Wells Notice Means for Robinhood

A Wells Notice informs an individual or company of a completed SEC investigation, and notifies them of potential or likely enforcement actions. Robinhood said the notice it received indicated the recommendation after the SEC’s probe was “that the Commission file an enforcement action.”

The enforcement could include seeking injunction or cease-and-desist actions against Robinhood’s crypto business, penalties, “censure, revocation, and limitations on activities,” among others.

The trading platform said it had cooperated with previously received subpoenas related to its “cryptocurrency listings, custody of cryptocurrencies, and platform operations,” among other things.

This rings similar to the SEC’s actions against other cryptocurrency trading platforms such as Coinbase and Kraken for the sale of crypto tokens the SEC considers unregistered securities.

While Coinbase and Kraken are also exchanges, the SEC allegations also included the failure of the two entities to register as broker-dealers for sale of crypto securities—something that the SEC is probing Robinhood for as well.

“After years of good faith attempts to work with the SEC for regulatory clarity including our well-known attempt to ‘come in and register,’ we are disappointed that the agency has decided to issue a Wells Notice related to our U.S. crypto business,” Robinhood Chief Legal Officer Dan Gallagher said.

Robinhood Says Crypto Platform is ‘Here to Stay’

“We firmly believe that the assets listed on our platform are not securities and we look forward to engaging with the SEC to make clear just how weak any case against Robinhood Crypto would be on both the facts and the law,” Gallagher said.

The company also said that its crypto platform is “here to stay,” and that it will “keep innovating, shipping products, and fighting for regulatory clarity for the good of the industry and our customers.”

Robinhood shares fell before markets opened Monday, but rebounded after the opening bell to rise 0.7% to $18.07 by 11:50 a.m. ET. The company reports first-quarter results Wednesday.