Robinhood's cryptocurrency arm got a $30 million fine from the New York State Department of Financial Services (NYDFS) over violation of anti-money laundering rules.
The regulator said in a press release that besides the fine, Robinhood's crypto department will also be required to retain an "independent consultant that will perform a comprehensive evaluation of its compliance." Superintendent of Financial Services Adrienne Harris said:
"All virtual currency companies licensed in New York State are subject to the same anti-money laundering, consumer protection, and cybersecurity regulations as traditional financial services companies."
This isn't the first time Robinhood's crypto arm faces sanctions. In July last year, Robinhood Crypto was also fined for $10 million for violating cybersecurity and anti-money laundering requirements.
