Robinhood Fine for Crypto Compliance Violations by NYDFS
Following an audit conducted between 2019 and 2021, on August 2, 2022, the New York State Department of Financial Services (NYDFS) announced that Robinhood Crypto - a subsidiary company of Robinhood licensed to engage in virtual currency and money transmission business activities - will pay a $30 million penalty to New York State for significant failures in the areas of Bank Secrecy Act and Cybersecurity.