Crypto Exchange Robinhood to Pay Millions of Dollars

One of the important trading platforms in the crypto money market. Robinhoodoffers many possibilities for users to easily manage their cryptocurrency 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, said in a statement that it was cyber-attacked and The personal information of more than 7 million customers announced that he had been captured. 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 is also part of the company’s cybersecurity program. to state regulations completely that you don’t fit also announced. Stating that all of these are very serious mistakes, the institution said that Robinhood’s cryptocurrency division has been closed to the government. $30 million fine announced that he would pay.

Adrienne Harris, director of NYDFS, said:While Robinhood Crypto’s business has grown, it has not devoted sufficient resources and attention to developing and maintaining a culture of compliance“According to Harris, Robinhood’s cryptocurrency is for the company to evaluate its compliance and remediation efforts.” Working with an independent consultant will also be needed.

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 was put on the stock market for misleading and failing to protect users. $70 million a coin penalty had cut.