Financial watchdog in New York State fines Robinhood’s crypto division $30 million

New York State’s financial regulator has fined the crypto arm of Robinhood Markets Inc. $30 million for alleged violations of anti-money-laundering, cybersecurity, and consumer protection rules.
The New York State Department of Financial Services (NYDFS) said that Robinhood Crypto did not devote sufficient resources to address compliance and cybersecurity risks.
The online trading app has been at the center of several regulatory probes, including those sparked by last year’s frenzy in meme stocks.