Robinhood's Crypto Division Fined $30 Million by New York Financial Regulator

The New York State Department of Financial Services (NYDFS) fined the crypto trading unit of Robinhood (HOOD) $30 million for alleged violations of anti-money-laundering and cybersecurity regulations. "As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance, a failure that resulted in significant violations of the Department’s anti-money laundering and cybersecurity regulations." said NYDFS Superintendent Adrienne A. Harris in a statement.