Robinhood Fined $70M For Causing “Significant Harm” To Customers
Robinhood has been fined by FINRA and the finance company will have to pay roughly $70 million in penalties. The company was fined for causing what was described as “widespread and significant” harm to customers. FINRA announced that it had fined Robinhood $57 million. And ordered the company to pay $12.6 million in damages to […]
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The New York State Department of Financial Services (DFS) has fined Robinhood Crypto $30 million for “significant failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) obligations and cybersecurity.”
Robinhood Crypto Settles With the DFS
The New York State Department of Financial Services (DFS) announced Tuesday that Robinhood Crypto LLC (RHC) will pay a $30 million penalty to New York State for “significant failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) obligations and....
Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users can send and receive their cryptocurrencies from Robinhood to external crypto wallets, the company explained, adding that by March, 10,000 customers will be testing the wallets before rolling out to the rest of the waitlist.
Robinhood Lets 1,000 Customers Test Its Crypto Wallets
Popular trading platform Robinhood announced Thursday that its “crypto wallets beta program” is now live. The announcement details:
Starting today, we’ll begin rolling out crypto....
Robinhood’s crypto related activities have been on an expansion but it has now been charged with regulatory violation. The recent-most regulatory concern was surrounded around violating anti-money laundering and cybersecurity rules. A New York State department stated that the crypto unit of Robinhood had defied certain regulations and was penalised for it. The Robinhood Markets […]
Trading platform Robinhood has rolled out its new crypto wallets to more than two million customers. In addition, Robinhood CEO Vlad Tenev announced that the platform will integrate with the Lightning Network “to bring even lower costs to our customers.”
More Than 2 Million Users Can Now Use Robinhood Crypto Wallets
Popular trading platform Robinhood made an announcement Thursday about its new crypto wallets at the Bitcoin conference in Miami, Florida. Robinhood Chief Product Officer Aparna Chennapragada shared:
We’ve rolled out crypto wallets to every....
Regulators said the trading app should pay restitution to users like the 20-year-old who committed suicide after an erroneous negative balance appeared in his account. The U.S. Financial Industry Regulatory Authority is penalizing Robinhood to the tune of roughly $70 million based on the results of an investigation into the stock and cryptocurrency trading app.In a Wednesday announcement, the Financial Industry Regulatory Authority, or FINRA, said it had ordered Robinhood to pay $57 million in fines to the regulatory body as well as provide roughly $12.6 million in restitution to certain....