United States of America: Penalty issued as part of Robinhood Crypto Cybersecurity Settlement

On 1 August 2022, the New York Department of Financial Services (NYDFS) announced that it has reached a settlement with Robinhood Crypto to close its investigation into the company. The consent order specifies that there were deficiencies in Robinhood's compliance program, critical failures in its cybersecurity program, and improper compliance certification. As a result of these violations, Robinhood has agreed to pay a fine of USD 30 million and hire an independent consultant to carry out a comprehensive evaluation of its compliance.