Robinhood, the commission-free brokerage firm, reported a first-quarter earnings beat Wednesday afternoon. The company came under fire earlier this week after the company's cryptocurrency unit, Robinhood Crypto, was issued a Wells Notice from the U.S. Securities and Exchange Commission.

Robinhood said the SEC staff made a preliminary determination to recommend an enforcement action against the crypto unit, alleging securities violations. Last year, the company said it had received an investigative subpoena from the SEC related to cryptocurrency listings.

Robinhood rolled out its cryptocurrency wallet for Android users in March, about a year after Robinhood Wallet was launched to iOS users globally, The Block previously reported.

The rollout appears to have paid off for …