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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 on Tuesday 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.