The New York State Department of Financial Services (NYDFS) fined the crypto trading unit of Robinhood (HOOD) $30 million for alleged violations of anti-money-laundering and cybersecurity regulations. The Wall Street Journal first reported on the fine on Tuesday.
“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,” said NYDFS Superintendent Adrienne A. Harris in a statement.
In addition to the fine, Robinhood will also be required to retain an independent consultant to evaluate its compliance with NYDFS regulations.
According to the Wall Street Journal, the fine against Robinhood is the NYDFS's first crypto enforcement action.
In a statement to CoinDesk, Robinhood associate general counsel of litigation and regulatory enforcement, Cheryl Crumpton wrote "we are pleased the...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
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...