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Robinhood Fined $30 Million for Violating Regulations
Stock and crypto exchange platform Robinhood has been fined $30 million by the New York State Department of Financial Services (NYDFS).
The fine targets the crypto trading unit of Robinhood for alleged violations of anti-money-laundering and cybersecurity regulations, the Wall Street Journal reported Tuesday. This is the first time the regulatory body has incurred a fine related to cryptocurrency.
A report by the NYDFS states Robinhood Crypto LLC failed to maintain and certify compliant anti-money-laundering and cybersecurity programs. Robinhood shares were down 1% Tuesday as a result of the news.
In 2021, the trading firm was fined $70 million by the Financial Industry Regulatory Authority (FINRA), the largest fine ever issued by FINRA,...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...