Robinhood crypto expects to pay $30 M fine to NY State regulatory body

CoinDesk Analysis Team CoinDesk

Robinhood’s S-1 filings reveal its crypto arm is under fire for inadequate cybersecurity and for breaking anti-money laundering laws.

Zero-fee retail trading platform Robinhood is in hot water with New York regulators, according to its recent S-1 filing.

Robinhood Crypto, the crypto trading division of Robinhood, said it expects to pay a $30 million settlement to the New York State Department of Financial Services (NYDFS) after a 2020 investigation “focused primarily on anti-money laundering and cybersecurity-related issues” found the company to be in violation of numerous regulatory requirements.

In addition to the monetary penalty, Robinhood Crypto will also be required to “engage a monitor.”

The $30 million NYDFS fine is the latest in a string of monetary penalties levied against Robinhood by regulators. Last December, the Securities and Exchange Commission (SEC) received a $65 million payment from the trading app to settle allegations it misled customers. And last month, Robinhood was fined $70 million by the Financial Industry Regulatory Authority (FINRA), the largest fine ever issued by FINRA, for failing to protect customers.

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CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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