NY: Robinhood must pay $30M
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.