Robinhood Crypto Will Pay $30 Million Penalty to New York State

Robinhood Crypto will pay a $30 million penalty to New York State “for significant failures in the areas of bank secrecy act/anti-money laundering obligations and cybersecurity,” according to a statement from the New York Department of Financial Services.

• RHC will also be required, as part of the settlement, to retain an independent consultant that will perform a comprehensive evaluation of RHC’s compliance with the department’s regulations and RHC’s remediation efforts
• “As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance—a failure that resulted in significant violations of the ...