However, while Robinhood has seen its business grow rapidly and secure the backing of multiple institutional investors, some analysts are warning that the group still faces challenges that may put some investors off backing the group when it debuts on public markets. "While Robinhood has expanded rapidly over the last year, it hasn't come without some public backlash and regulatory scrutiny. Regulators in Massachusetts are looking to ban its citizens from trading on the app, claiming that Robinhood's gamified investing platform caused its customers to take on too much risk, thereby failing the state's fiduciary rules", said Maxim Manturov, head of investment research at Freedom Finance Europe.