Robinhood’s Crypto arm fined $30 million for being non-complia | BSC Gems 100x💎

Robinhood’s Crypto arm fined $30 million for being non-compliant

The crypto trading division of Robinhood was assessed a $30 million punishment by the New York State Department of Financial Services for allegedly violating cybersecurity and anti-money-laundering laws.

According to a WSJ article, Robinhood's anti-money-laundering and Bank Secrecy Act compliance programme "failed to move in a timely manner" from a manual transaction monitoring system that was adequate for the company's size, transaction volumes, and customer profiles.