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People wait in line for t-shirts at a pop-up kiosk for the online brokerage Robinhood along Wall Street after the company went public with an IPO earlier in the day on July 29, 2021 in New York City.
Spencer Platt | Getty Images
The New York State Department of Financial Services announced on Tuesday it has issued a $30 million penalty against Robinhood’s crypto division.
NYDFS, the government branch that’s responsible for regulating financial services and products, alleged that Robinhood Crypto’s anti-money laundering and cybersecurity program was inadequately staffed and did not have sufficient resources to address risks. It also alleged Robinhood’s crypto division failed to timely transition from a manual transaction monitoring system to one more adequate for its user size and transaction volume.
The $30 million penalty is NYDFS’s first crypto-sector enforcement. Robinhood said last year that it was expecting to pay a $30 million settlement to...
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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...