New York financial regulator fines Robinhood's crypto division $30M
“As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance,” said superintendent Adrienne Harris. The New York Department of Financial Services, or NYDFS, has announced a $30 million penalty on Robinhood’s cryptocurrency arm for alleged violations related to anti-money laundering, cybersecurity and consumer protection laws.In a Tuesday announcement, NYDFS superintendent Adrienne Harris said Robinhood Crypto will pay a $30 million penalty to the state “for significant failures in the areas of bank secrecy....
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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....
The U.S. Financial Industry Regulatory Authority delivered its biggest financial penalty against the trading app on Wednesday, and Robinhood still reportedly faces scrutiny from the SEC regarding its business practices. Stock and cryptocurrency trading app Robinhood has filed an application with the U.S. Securities and Exchange Commission for an initial public offering.In a Form S-1 registration statement filed Thursday with the SEC, Robinhood said it intended to move forward with an initial public offering for its Class A common stock. If approved, the company said it plans to trade using....
Former New York regulator Benjamin Lawsky, who oversaw what many consider the most restrictive state bitcoin regulation known as BitLicense, now works as a counsel and media liaison for Axoni, a blockchain technology firm that uses blockchain in settling derivative transactions, according to Reuters. Lawsky said he intended to start a consulting business when he announced his departure from the New York Department of Financial Services last spring, CCN reported. As a regulator, Lawsky had a reputation for consistently pushing for larger fines and stricter rules. Lawsky’s firm, the Lawsky....
Benjamin Lawsky (Public Domain). New York's top financial regulator, Benjamin Lawsky, has made a career out of garnering unprecedented fines from the global financial elite. He is known for holding their license to do business in New York over their heads and securing fines several times those of federal authorities on more than one occasion. However, one of the biggest scandals of the last decade, the FOREX rigging by JPMorgan, Citigroup, Barclays, and Royal Bank of Scotland, will essentially go unpunished. The banks have collectively come to an agreement to pay a fine of some $5 billion,....
Robinhood Markets Inc., the American financial services company headquartered in Menlo Park, California, has seen its initial public offering (IPO) delayed by the U.S. Securities and Exchange Commission (SEC). According to a report citing “people familiar with the matter” the SEC is questioning Robinhood’s cryptocurrency business. SEC Questions Robinhood’s Crypto Dealings, IPO Delayed Robinhood was supposed to be having an initial public offering this month but according to a report from Bloomberg, the listing has been slowed by the SEC. The report cites a few....