Robinhood cryptocurrency division was fined $ 30 million

Robinhood cryptocurrency division was fined $ 30 million

The Department of Financial Services of New York (NYDFS) fined $ 30 million Robinhood cryptocurrency unit due. This is reported by Wall Street Journal.

Nydfs disclosed a discrepancy in the supervisory audit. This is the first forced effect of the regulator in relation to the crypto industry.

The department indicated non -compliance by Robinhood Law on Banking Secrets and requirements to combat money laundering.

“The company’s cybersecurity program did not properly take into account operational risks, and its policy did not comply with the rules in the field of cybersecurity and virtual currency,” Nydfs added to Nydfs.

The investigation also showed that the absence of a special phone number on the Robinhood website for complaints of consumers violates their rights.

Now Robinhood will need to hire an independent consultant to assess compliance with regulatory rules.

Recall that in June, Bloomberg said that the FTX exchange is studying the possibility of absorption of Robinhood. Later, the CEO of the Sam Bankman-Fried trading platform has denied this information.

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