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The New York State Department of Financial Services (NYDFS) has fined Robinhood’s cryptocurrency division $30 million for violating AML regulations and cybersecurity policies. It is reported by the
The New York State Department of Financial Services (NYDFS) has fined Robinhood’s cryptocurrency division $30 million for violating AML regulations and cybersecurity policies. It is reported by the Wall Street Journal.
NYDFS found a non-compliance after an audit review. This is the regulator’s first enforcement action regarding the crypto industry.
The department stated that Robinhood did not comply with the Bank Secrecy Act and anti-money laundering requirements.
“The firm’s cybersecurity program did not adequately consider operational risks and its policies were not aligned with cybersecurity and virtual currency regulations,” NYDFS said.
The investigation also found that the lack of a dedicated phone number for consumer complaints on the Robinhood website violates consumer rights.
Robinhood will now need to hire an independent consultant to assess compliance.
Recall that in June, Bloomberg reported that the FTX exchange was investigating the possibility of an acquisition of Robinhood. Later, FTX CEO Sam Bankman-Fried denied this information.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
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