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On August 1, 2022, the New York State Department of Financial Services (“DFS” or “Department”) issued a Consent Order, imposing a $30 million fine on Robinhood Crypto, LLC (“Robinhood”), a trading platform that allows customers to trade in cryptocurrency, for allegedly failing to comply with New York anti-money laundering (“AML”) and cybersecurity regulations. In addition to the monetary penalty, Robinhood must retain an independent consultant to perform an 18-month “comprehensive review” to evaluate Robinhood’s remediation efforts with respect to the identified compliance deficiencies. The case marks DFS’s first enforcement action in the cryptocurrency sector.

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<strong><a href="https://www.bakerlaw.com/alerts/new-york-department-of-financial-services-publishes-first-crypto-industry-consent-order">Read the full alert.</a></strong>

New York

Associate

Shade I. Quailey

Partner

Joanna F. Wasick

Chicago

Robert A. Musiala Jr.

New York State Department of Financial Services Publishes First Crypto Industry Consent Order