New York regulators slap Robinhood's crypto business with $30 million fine
In the latest in what seems to be a string of challenges the company has to grapple with, Robinhood's crypto division has beenby the New York State Department of Financial Services. It's the first crypto-focused enforcement action by the regulator, which has issued the multimillion dollar penalty against Robinhood for what it says are violations against the state's anti-money laundering and cybersecurity regulations.
Apparently, there weren't enough people working in Robinhood's money laundering compliance program. The company also failed to transition from a manual monitoring system, which is no longer sufficient now that it's much larger than when it started. In addition, the department found that policies within Robinhood's cybersecurity program aren't in full compliance with official cybersecurity and virtual currency regulations.
The New York regulator also mentioned that Robinhood improperly certified compliance with the Department's Transaction Monitoring Regulation and Cybersecurity Regulation. Since it wasn't fully compliant with the state's cybersecurity rules, Robinhood violated the law by claiming compliance. Finally, the regulator said Robinhood failed to adhere to consumer protection requirements by not maintaining a separate phone number specifically for consumer complaints.
Aside from having to pay $30 million, Robinhood must retain an independent consultant who will evaluate if it has taken the appropriate actions to address its violations and deficiencies under the settlement.
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