New York’s financial regulator has fined Robinhood’s cryptocurrency subsidiary $30 million after an investigation.
New York’s financial regulator has fined Robinhood’s cryptocurrency subsidiary $30 million after an investigation which the agency says found the company broke anti-money laundering and cybersecurity rules, the latest massive penalty facing the online brokerage.... [+]Robinhood agreed to a settlement with the New York Department of Financial Services under which it will also be required to hire an independent compliance consultant.
The probe found “significant shortcomings” in the compliance program of Robinhood Crypto, where users can buy and sell cryptocurrency, the regulator said. Robinhood Crypto failed to monitor transactions adequately, didn’t properly staff its anti-money laundering compliance unit, and didn’t comply with state cybersecurity guidelines, authorities said.
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