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The New York State Department of Financial Services (DFS) has actually fined Robinhood Crypto $30 million for “substantial failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) commitments and cybersecurity.”

Robinhood Crypto Settles With the DFS

The New York State Department of Financial Services (DFS) revealed Tuesday that Robinhood Crypto LLC (RHC) will pay a $30 million charge to New York State for “substantial failures in the areas of bank secrecy act/anti-money laundering (‘BSA/AML’) commitments and cybersecurity.”

The failures resulted in infractions of the department’s Virtual Currency Regulation, Money Transmitter Regulation, Transaction Monitoring Regulation, and Cybersecurity Regulation, the DFS detailed.

Superintendent of Financial Services Adrienne A. Harris commented:

As its company grew, Robinhood Crypto stopped working to invest the appropriate resources and attention to establish and preserve a culture of compliance — a failure that resulted in substantial infractions of the Department’s anti-money laundering and cybersecurity policies.

“All of these shortages arised from what the Department discovered were substantial drawbacks in the management and oversight of RHC’s compliance programs, consisting of a failure to promote and preserve a sufficient culture of compliance,” the statement continues.

Besides the $30 million charge, Robinhood Crypto will be needed to keep an independent specialist that will carry out an extensive examination of its compliance with the DFS policies.

The New York State regulator authorized Robinhood Crypto’s applications for a virtual currency license and a cash transmission license in January 2019, specifying at the time:

DFS has actually licensed Robinhood Crypto to provide services for purchasing, selling, and keeping 7 virtual currencies, consisting of bitcoin, ether, bitcoin money, and litecoin.

Robinhood uses commission-free crypto investing. The platform presently supports the purchasing, selling, and real-time market information for bitcoin (BTC), bitcoin money (BCH), bitcoin sv (BSV), chainlink (LINK), substance (COMPENSATION), dogecoin (DOGE), ethereum (ETH), ethereum classic (AND SO ON), litecoin (LTC), polygon (MATIC), shiba inu (SHIB), solana (SOL), and uniswap (UNI).

What do you consider the DFS doing something about it versus Robinhood Crypto? Let us understand in the comments area below.

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