Robinhood Crypto Slapped With $30M Fine by New York Regulators

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2 years ago

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.

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