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Robinhood Crypto Expects to Pay $30M Fine to NY State Regulatory Body

Zero-fee retail buying and selling platform Robinhood is in scorching water with New York regulators, based on its latest S-1 submitting.

Robinhood Crypto, the crypto buying and selling division of Robinhood, stated it expects to pay a $30 million settlement to the New York State Division of Monetary Providers (NYDFS) after a 2020 investigation “centered totally on anti-money laundering and cybersecurity-related points” discovered the corporate to be in violation of quite a few regulatory necessities. 

Along with the financial penalty, Robinhood Crypto may even be required to “have interaction a monitor.”

The $30 million NYDFS advantageous is the most recent in a string of financial penalties levied in opposition to Robinhood by regulators. Final December, the Securities and Trade Fee (SEC) obtained a $65 million fee from the buying and selling app to settle allegations it misled prospects. And final month, Robinhood was fined $70 million by the Monetary Business Regulatory Authority (FINRA), the biggest advantageous ever issued by FINRA, for failing to guard prospects. 

Source: CoinDesk

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