Baltimore Sun

NY: Robinhood must pay $30M

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NEW YORK — The crypto division of the online brokerage 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 announced Tuesday.

The department said an examinatio­n of Robinhood Crypto’s operations from Jan. 24, 2019, through Sept. 30, 2019, found that the company’s compliance with banking regulation­s had not kept up with its growth.

Authoritie­s said Robinhood Crypto also failed to provide a dedicated phone number for consumer complaints on its website. Robinhood Crypto will be required to retain an independen­t consultant to evaluate its regulatory compliance, the officials said.

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