Robinhood’s Crypto Unit Fined $30 Million By New York Financial Regulator

Aug 3, 2022

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Robinhood’s Crypto Unit Fined $30 Million By New York Financial Regulator

Originally posted here.
By: Adewumi Victor

Overview

The New York Department of Financial Services, or NYDFS, has fined Robinhood’s cryptocurrency arm $30 million for suspected anti-money laundering violations, cybersecurity, and consumer protection regulations.

NYDFS Superintendent Adrienne Harris announced on Tuesday that Robinhood Crypto would pay a $30 million penalty to the state “for major violations in the areas of bank secrecy act/anti-money laundering responsibilities” and cybersecurity issues that allegedly breached New York regulations. Robinhood’s crypto subsidiary, according to Harris, will also be compelled to employ an independent consultant to examine the firm’s compliance and rehabilitation activities.

“As its business grew, Robinhood …

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