Robinhood has been fined $30 million for alleged violations of anti-money-laundering, cybersecurity and consumer protection rules
New York state is closing in on the company’s crypto arm, with concerns the trading platform isn’t devoting enough resources to address compliance and cybersecurity risks.
It follows several regulatory probes into Robinhood in recent months.
In a statement, lawyers say the company has made “significant progress” in building legal, compliance and cybersecurity programs.
As part of the settlement deal, Robinhood Crypto will also be required to have an independent consultant to evaluate compliance practices moving forward.
