Robinhood’s crypto unit fined $30 million by New York’s top financial regulator

08/02 13:19

According to WSJ, the New York State Department of Financial Services imposed a $30 million fine on the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. for alleged violations of anti-money-laundering and cybersecurity regulations, in the department’s first crypto enforcement action. The New York State financial regulator said Tuesday that Robinhood Crypto LLC failed to maintain and certify compliant anti-money-laundering and cybersecurity programs. Robinhood, which said in its latest quarterly filing that it had about 15.9 million monthly active users as of the end of March, first publicly disclosed the investigation and settlement with the NYDFS a year ago in paperwork filed with the Securities and Exchange Commission. The company initially expected a monetary penalty of at least $10 million and later increased it to $30 million.

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