Robinhood’s Crypto Division Fined $30M by New York Financial Regulator: Report

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 reported on Tuesday.

The fine, the first crypto-related enforcement action taken by the regulator, was handed because Robinhood Crypto LLC failed to maintain and certify compliant anti-money-laundering and cybersecurity programs, the report said.

The NYDFS also said it found significant failures through a supervisory exam and through a subsequent enforcement investigation of Robinhood.

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