Ahead of its blockbuster public offering, Robinhood disclosed that regulators are examining the trading activity of its employees leading up to the online broker’s move to restrict trading on GameStop and other meme stocks in January. It’s also being asked about its two founders’ compliance with financial registration rules.

The inquiries by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority present new regulatory hurdles for Robinhood, which just last month was fined a record $70 million for “systemic” failures by Finra, the securities industry’s self-regulator.

Robinhood has enjoyed staggering growth, more than quadrupling the number of monthly active users since 2019, touting the democratization of financial access. Young and novice investors have flocked to the app, which pioneered a host of user-friendly features that legacy brokerages have since adopted, including no-fee trading, no account minimums and the ability to buy fractions of a share.

But the populist appeals have also attracted criticism that the company exploits the naivete of inexperienced investors, and that the seamlessness of the app and the revelry it inspires has “gamified” stock trading in ways that could harm users.

On Tuesday, Robinhood said Finra is seeking documents and information related to the registration status of chief executive Vlad Tenev and Chief Creative Officer Baiju Bhatt. This year, Sen. Elizabeth Warren (D-Mass.) pressed the regulator for clarity on its rules, which generally require chief executives of broker-dealers be registered with the group, as well as executives of holding companies if they are involved with the management of investment banking or securities businesses.

Tenev heads Robinhood Markets, parent company of the broker-dealer Robinhood Securities. “Robinhood is evaluating this matter and intends to cooperate with the investigation,” the company said in an updated filing Tuesday.

The company declined to comment for this report, citing the “quiet period” leading up to the IPO.

Finra declined to comment citing confidentiality of its investigations.

Robinhood also revealed that it has received inquiries from the SEC and Finra tied to its employees’ trading of “meme stocks,” including GameStop and AMC Entertainment. During the market frenzy in January, Robinhood restricted trading on a basket of stocks, sparking an outcry from consumers. The inquiries are related to the timing of those trades and when the trading restrictions were made public, according to the filing.

Robinhood said it expects to be the subject of continued regulatory inquiry, actions and settlements, which could pose a substantial cost to its business or compel it to alter its practices. What’s more, the company acknowledged that the elevated scrutiny of lawmakers and watchdogs has signaled a heightened focus on new regulations that could “require us to make significant changes to our business model and practices.”

The company is slated to price its highly anticipated IPO late Wednesday and begin trading Thursday on the Nasdaq. The company expects a valuation of as much as $35 billion, putting the 8-year-old start-up in the company of such brands as Hilton, HP and General Mills.

In 2020, IPOs listed on the Nasdaq typically jumped about 40 percent on the first day of trading, according to Reena Aggarwal, professor of finance at Georgetown University and director of the Center for Financial Markets and Policy.

The global market for IPOs has been on a record-breaking run this year. The last three months marked the most active second quarter by deal numbers and proceeds in the past two decades, according to Ernst & Young.

The latest disclosures from Robinhood come after a major settlement with Finra and as the latest surge in retail investing hurled the company into the spotlight, drawing fresh concerns from members of Congress and complaints from users. Last month it was revealed the company was fined $70 million for “systemic” failures, including allegations that it misled customers, failed to properly vet inexperienced traders and harmed millions of the app’s users.

In its investigation, Finra found that despite Robinhood’s mission to demystify finance, the company gave customers false and misleading information on an array of critical issues, such as whether customers could place trades using borrowed money and how much cash was in customers’ accounts. The agency also found that Robinhood relied on algorithms to approve users for options trading even if those users did not meet the criteria for approval or if their accounts had red flags signaling that they should be denied.

As part of the settlement, Robinhood did not admit to or deny the allegations.

“We are glad to put this matter behind us and look forward to continuing to focus on our customers and democratizing finance for all,” the company said at the time.

Robinhood, which estimates that it has 22.5 million funded accounts, will trade under the ticker symbol HOOD.