The New York State Department of Financial Services has fined Robinhood Crypto $30 million 'for significant failures' in several areas. cryptocurrency bitcoin
Robinhood Crypto Fined $30 Million by New York Regulator for 'Significant Failures' in Multiple Areas
The failures resulted in violations of the department’s Virtual Currency Regulation, Money Transmitter Regulation, Transaction Monitoring Regulation, and Cybersecurity Regulation, the DFS detailed.As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance — a failure that resulted in significant violations of the Department’s anti-money laundering and cybersecurity regulations.
Besides the $30 million penalty, Robinhood Crypto will be required to retain an independent consultant that will perform a comprehensive evaluation of its compliance with the DFS regulations.
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