Robinhood, one of the important trading platforms in the crypto money market, offers many opportunities for users to easily manage their crypto money assets. In addition to the convenience it offers to users, the stock market application also attracted attention and faced scrutiny by stopping trading during the Gamestop movement in the USA.
Robinhood, which has come to the fore with a big scandal in the past months, announced that it was cyber-attacked and the personal information of more than 7 million customers was seized. According to the news that emerged today, the stock market will pay millions of dollars in penalties as a result of a lawsuit filed in the past months.
Robinhood to pay $30 million fine
According to NYDFS’ statement, Robinhood Crypto has been declared understaffed and under-resourced to address this issue in bank secrecy law/anti-money laundering programs. NYDFS also clarified that the company’s cybersecurity program did not fully comply with state regulations. Stating that these are all very serious mistakes, the institution announced that Robinhood’s cryptocurrency division will pay a $ 30 million penalty to the state.
Adrienne Harris, director of NYDFS, explained, “While Robinhood Crypto’s business has grown, it has not devoted sufficient resources and attention to developing and maintaining a culture of compliance.” will also need to work with an independent consultant.
This isn’t the first time Robinhood has faced fines or legal action for allegedly misleading consumers. In June of last year, the Financial Sector Regulatory Authority fined the exchange $70 million for misleading and failing to protect users.
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