RobinHood crypto to pay $ 15m fine as part of money laundering settlement

Online brokerage Robinhood has taken on regulatory issues after it emerged that its computer division will have to pay $ 15 million to the New York regulator following a money laundering investigation.

According to correspondence with the SEC, Robinhood reported that they faced sanctions in relation to money laundering and cybersecurity.  That would result in a $ 15 million fine and the addition of a monitor that would allow the company to comply with money laundering and cybersecurity measures.

It is not just the first time Robinhood has gone into hot water last month, with the company having to pay a $ 70 million fine to the financial industry regulator (FINRA) for system failure and deceptive communications and business practices.

The regulator issued a statement on the fine:

“FINRA, the company was false or misleading information, the customer millions of the company’s system in March 2020 of the millions of the company’s customers affected by the failure of the customer and are not even allowed to do option trading it is appropriate to thousands of customers, including customers exposed to widespread and significant damage took,”

Robinhood recently went public and will trade under ticker. The number of disputes the organization has faced this year alone has not stopped the company’s overall growth and strong support for the long-awaited IPO.

Strong interest in Robinhood cryptography is fueled in part by the stock boom of crypto memes and a younger generation of retail businesses benefiting from affordable trading platforms such as Robinhood. The increase in Cryptocurrency transactions comes as Robinhood’S IPO prospect found that 17% of transaction revenue in the latest quarter came from cryptocurrencies.

Dogecoin in particular is responsible for a significant portion of the revenue generated from cryptocurrencies on the platform. Rob

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