![\"Robinhood](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/08\/robinhood-768x432.jpg\")
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The New York State Department of Financial Services (DFS) has fined Robinhood Crypto $30 million for \u201csignificant failures in the areas of bank secrecy act\/anti-money laundering (\u2018BSA\/AML\u2019) obligations and cybersecurity.\u201d<\/strong>\n<\/p>\n \n The failures resulted in violations of the department\u2019s Virtual Currency Regulation, Money Transmitter Regulation, Transaction Monitoring Regulation, and Cybersecurity Regulation, the DFS detailed.<\/p>\n Superintendent of Financial Services Adrienne A. Harris commented:\n<\/p>\n As its business grew, Robinhood Crypto failed to invest the proper resources and attention to develop and maintain a culture of compliance \u2014 a failure that resulted in significant violations of the Department\u2019s anti-money laundering and cybersecurity regulations.<\/p>\n<\/blockquote>\n \n Besides the $30 million penalty, Robinhood Crypto will be required to retain an independent consultant that will perform a comprehensive evaluation of its compliance with the DFS regulations.<\/p>\n The New York State regulator approved Robinhood Crypto\u2019s applications for a virtual currency license and a money transmission license in January 2019, stating at the time:\n<\/p>\n DFS has authorized Robinhood Crypto to offer services for buying, selling, and storing seven virtual currencies, including bitcoin, ether, bitcoin cash, and litecoin.<\/p>\n<\/blockquote>\n \nRobinhood Crypto Settles With the DFS<\/h2>\n
\nThe New York State Department of Financial Services (DFS) announced Tuesday that Robinhood Crypto LLC (RHC) will pay a $30 million penalty to New York State for \u201csignificant failures in the areas of bank secrecy act\/anti-money laundering (\u2018BSA\/AML\u2019) obligations and cybersecurity.\u201d<\/p>\n\n
\n\u201cAll of these deficiencies resulted from what the Department found were significant shortcomings in the management and oversight of RHC\u2019s compliance programs, including a failure to foster and maintain an adequate culture of compliance,\u201d the announcement continues.<\/p>\n\n
\nRobinhood offers commission-free crypto investing. The platform currently supports the buying, selling, and real-time market data for bitcoin (BTC<\/a>), bitcoin cash (BCH<\/a>), bitcoin sv (BSV<\/a>), chainlink (LINK), compound (COMP), dogecoin (DOGE), ethereum (ETH<\/a>), ethereum classic (ETC<\/a>), litecoin (LTC<\/a>), polygon (MATIC), shiba inu (SHIB), solana (SOL), and uniswap (UNI).<\/p>\n