Coinscreed
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $30,479.002.77% 24H
    BITCOIN
    24H : 2.77%
    Volume : $23,634,528,701.00
    Marketcap : $578,903,942,837.00
  • ethereumEthereum(ETH)
    $2,079.312.51% 24H
    ETHEREUM
    24H : 2.51%
    Volume : $16,274,120,156.00
    Marketcap : $250,903,105,438.00
  • binancecoinBNB(BNB)
    $303.253.69% 24H
    BNB
    24H : 3.69%
    Volume : $1,391,780,275.00
    Marketcap : $50,714,295,661.00
  • rippleXRP(XRP)
    $0.4312.00% 24H
    XRP
    24H : 2.00%
    Volume : $2,159,861,452.00
    Marketcap : $20,868,820,051.00
  • cardanoCardano(ADA)
    $0.5769.09% 24H
    CARDANO
    24H : 9.09%
    Volume : $1,040,161,057.00
    Marketcap : $19,475,807,643.00
  • terra-lunaTerra(LUNA)
    $0.00024-15.68% 24H
    TERRA
    24H : -15.68%
    Volume : $2,370,464,783.00
    Marketcap : $1,583,172,195.00
Coinscreed
No Result
View All Result
homerun token
Home Breaking

New York State Fines Robinhood Crypto $15M Over Security And Anti-money Laundering Issues

Chide Austin by Chide Austin
10 months ago
in Breaking, Cryptocurrencies, News
Reading Time: 3 mins read
A A
Share on FacebookShare on Twitter
The $15 million fine imposed by the state of New York is the latest in a string of fines levied on Robinhood. It also emphasises the regulatory danger of working in the cryptocurrency space.
New York State Fines Robinhood Crypto $15M Over Security And Anti-money Laundering Issues

Robinhood has set aside $15 million to settle a legal dispute with the New York State Department of Financial Services (NYDFS) over allegations related to its crypto unit’s handling of cybersecurity and anti-money laundering. The dispute stems from allegations related to the crypto unit’s handling of cybersecurity and anti-money laundering.

As a result of the announcement, which was hidden in a footnote in an SEC filing from last week, the popular stock-buying app will face heightened regulatory scrutiny as it attempts to expand its rapidly growing cryptocurrency operations.

SuggestedArticles

Goldman Sachs And Barclays Invest In UK's Elwood Crypto Trading Platform

Goldman Sachs And Barclays Invest In UK’s Elwood Technologies

9 mins ago
Nigeria Announces New Crypto Asset Rules

Nigeria Market Regulator Announces New Crypto Asset Rules

2 days ago

According to the filing, Robinhood set aside $10 million in the previous year to deal with the NYDFS action, and another $5 million in the first quarter of this year to deal with the same issue.

The announcement of the NYDFS settlement comes just a week after Robinhood agreed to pay a $70 million fine to the Financial Industry Regulatory Authority (FINRA), the largest of its kind, for outages and miscommunications that the federal regulator determined caused “significant harm” to Robinhood customers.

There is little information in the file pertaining to the New York settlement regarding the substance of the charges. In it, the NYDFS simply indicates that the action relates to Robinhood’s crypto branch, known as RHC, and that it is “focused primarily on anti-money laundering and cybersecurity-related issues.”

Also noted by Robinhood is a recent “a settlement in principle,” between the company and the New York State Department of Financial Services, and that “RHC will pay a monetary penalty and engage a monitor.”

The Wall Street Journal, which was the first to report on the settlement on Wednesday, was unable to obtain any additional information from either Robinhood or the NYDFS on the case.

While a financial penalty of $15 million (the final sum could be somewhat more or lower depending on the circumstances) is not considered for a firm of Robinhood’s size, the requirement to “engage a monitor” could be significantly more burdensome.

As a result of their appointment by the court, monitors are granted access to the confidential activities of a company—a move that corporations fiercely oppose and which might potentially stymie Robinhood’s ambitions to expand its cryptocurrency operations in order to compete with the likes of Coinbase.

As part of its final preparations before going public, Robinhood stated that it held more than $11 billion in cryptocurrencies for its customers, with Dogecoin accounting for a large chunk of its trading operations. The SEC filing was the final step before going public.

The announcement of the NYDFS settlement comes just a week after Robinhood agreed to pay a $70 million fine to the Financial Industry Regulatory Authority (FINRA), the largest of its kind, for outages and miscommunications that the federal regulator determined caused “significant harm” to Robinhood customers.

Tags: cryptoRobinhood Cryptosec

BTC365

Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • DeFi
    • Blockchain News
  • Market Analysis
  • NFT
  • Metaverse
  • Cryptocurrencies
  • Learn
    • Bitcoin 101
    • Ethereum 101
    • Binance Smart Chain
    • DeFi 101
    • Ripple 101
    • ICO 101
    • Trading 101
    • Dogecoin 101
    • Lightening Network
    • NFT 101
  • Crypto How Tos

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.