Robinhood Markets disclosed in a regulatory filing its cryptocurrency platform might face a penalty of “at least” $10 million from the New York State Department of Financial Services (NYDFS) for anti-money laundering (AML) and cyber-security failures.

In July 2020, the NYDFS issued an examination report of Robinhood Crypto (RHC), in which it cited a number of “matters requiring attention” regarding AML and cyber-security, the online stock-trading platform stated in a July 1 filing. The matter was subsequently referred to the NYDFS’s Consumer Protection and Financial Enforcement Division.

Learn More
Already a member? Sign in to an existing account.

Jaclyn Jaeger is a freelance contributor to Compliance Week after working for the company for 15 years. She writes on a wide variety of topics, including ethics and compliance, risk management, legal,...