{"id":65248,"date":"2022-08-02T18:03:40","date_gmt":"2022-08-02T15:03:40","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65248"},"modified":"2025-09-06T18:54:08","modified_gmt":"2025-09-06T15:54:08","slug":"robinhoods-crypto-unit-fined-30-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/robinhoods-crypto-unit-fined-30-million\/","title":{"rendered":"Robinhood’s crypto unit fined $30 million"},"content":{"rendered":"

The New York State Department of Financial Services (NYDFS) fined Robinhood’s crypto unit $30 million for violations of AML rules and cybersecurity policy, Wall Street Journal<\/a> reports.<\/p>\n

The NYDFS found non-compliance following a supervisory examination. This marks the regulator’s first enforcement action against the crypto industry.<\/p>\n

The department cited Robinhood’s non-compliance with the Bank Secrecy Act and anti-money-laundering (AML) requirements.<\/p>\n

\n

“The firm’s cybersecurity program did not adequately account for operational risks, and its policy did not comply with cybersecurity and virtual currency rules,” the NYDFS added.<\/p>\n<\/blockquote>\n

The investigation also found that the absence of a dedicated consumer-complaint phone number on Robinhood’s website violates users’ rights.<\/p>\n

Robinhood will now be required to hire an independent consultant to assess its compliance with regulatory rules.<\/p>\n

As Bloomberg reported in June, the FTX exchange was studying the possibility of acquiring Robinhood. Later, the CEO of the trading platform, Sam Bankman-Fried denied the report<\/a>.<\/p>\n

Read ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The New York State Department of Financial Services fined Robinhood’s crypto unit $30 million for breaches of cybersecurity and AML rules.<\/p>\n","protected":false},"author":1,"featured_media":65249,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1154,1111,1304,1234,26],"class_list":["post-65248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crimes","tag-cybersecurity","tag-fines","tag-robinhood","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=65248"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65248\/revisions"}],"predecessor-version":[{"id":65250,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65248\/revisions\/65250"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/65249"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}