Brokerages restrict tradung in various securities all the time including changing margin requirements.

Interactive brokers ceo explained the reasons why in a cnbc interview.

Bottom line brokerages are resonsible for client balances that go negative during wild trading. GME company should not trade at $500 the business intrinsic value is no where near this level and shares should not be fluctuating 50 to 100% per day. Brokers are being capitalistic in protecting their business so they can survive another day and continue ti seeve clients.

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