July 21, 2021 Robinhood Crypto to pay $30M penalty.

According to S-1 filings, Robinhood Crypto says it expects to pay a $30M settlement to the New York State Department of Financial Services (NYDFS) to end an ongoing civil suit. The lawsuit resulted from a 2020 investigation by the regulatory body, which found that Robinhood Crypto violated several regulations intended to curb money laundering. Robinhood Crypto will also agree to additional regulatory oversight going forward.