NY: “Department of Financial Services” gang demands $30 million bribe from Robinhood’s crypto division

Source: CNBC

“The New York State Department of Financial Services announced on Tuesday it has issued a $30 million penalty against Robinhood’s crypto division. NYDFS, the government branch that’s responsible for regulating financial services and products, alleged that Robinhood Crypto’s anti-money laundering and cybersecurity program was inadequately staffed and did not have sufficient resources to address risks. It also alleged Robinhood’s crypto division failed to timely transition from a manual transaction monitoring system to one more adequate for its user size and transaction volume. The $30 million penalty is NYDFS’s first crypto-sector enforcement.” (08/02/22)