Robinhood’s crypto unit fined $30 million by New York financial regulator
The New York Department of Financial Services, or NYDFS, has fined the cryptocurrency arm of Robinhood $30 million for anti-money laundering violations, cybersecurity and consumer protection regulations.
NYDFS Superintendent Adrienne Harris announced on Tuesday that Robinhood Crypto will pay a $30 million fine to the state “for major violations in the areas of the Bank Secrecy Act/Anti-Money Laundering Responsibilities” and cybersecurity issues that reportedly hit New York City. violate the rules. Robinhood’s crypto subsidiary, according to Harris, will also be forced to hire an independent consultant to oversee the firm’s compliance and rehabilitation activities.
“As its business grew, Robinhood …
Read the full article on CryptoCurrencyNews.com
Get the latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn how to trade on cryptocurrency exchanges.