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August 3, 2022

$30M banking fine for Robinhood

NEW YORK (AP) — The crypto division of the financial services company Robinhood will pay a $30 million penalty to New York state for failing to comply with regulations governing money laundering and cybersecurity.

The state's Department of Financial Services said Tuesday that an examination of Robinhood Crypto's operations from Jan. 24, 2019, through Sept. 30, 2019, found serious compliance deficiencies. Among other issues, department officials said the company failed to provide a dedicated phone number for consumer complaints on its website.

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