Robinhood Crypto Unit Fined $30 Million by New York Regulator

Robinhood Markets Inc.’s cryptocurrency arm was fined $30 million by New York’s financial regulator after the brokerage was accused of violating anti-money-laundering and cybersecurity rules.

The unit must enlist an independent consultant to monitor compliance, according to an order filed Tuesday. The firm disclosed last year that it expected to pay the penalty.

The enforcement action by the New York State Department of Financial Services underscores the continued regulatory scrutiny Robinhood faces, even as it pushes a message to investors that it’s taking a “safety first” stance toward digital tokens.

Robinhood took a faulty approach to crypto trading compliance ...