Robinhood Says It Expects $30M Fine From NY Regulator
By Jon Hill (July 19, 2021, 4:32 PM EDT) -- Robinhood said Monday that it now anticipates paying $30 million as part of a tentative settlement with a New York regulator over anti-money laundering and cybersecurity issues at its cryptocurrency subsidiary, double the amount that the stock-trading platform previously earmarked for the matter.
Robinhood Markets Inc. made the disclosure in an amended registration statement ahead of its more than $2 billion initial public offering, saying it expects a previously disclosed deal between the company's crypto-trading unit Robinhood Crypto LLC and New York's Department of Financial Services to include a penalty of $30 million.
The deal, which would also include a monitorship...
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