Robinhood Crypto Slapped With $30M Fine by New York Regulators
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Robinhood Crypto Slapped With $30M Fine by New York Regulators
The company’s crypto unit violated state anti-money laundering and cybersecurity measures.
The New York Department of Financial Services has fined Robinhood Crypto $30 million for multiple regulatory violations.
The department concluded after an investigation that the company had failed to maintain proper cybersecurity measures or satisfy anti-money laundering obligations. Robinhood Crypto was found in violation of the department’s regulations for virtual currency, money transmitters, transaction monitoring, and cybersecurity.