The company has been fined $30 million by the New York financial regulators for breaking anti-money Laundering and cybersecurity rules.
There is a picture of a phone screen with a representation of Cryptocurrencies.
Under the agreement with the New York Department of Financial Services, Robinhood will have to hire an independent compliance consultant.
The program for complying with the rules for buying and selling cryptocurrencies was found to have significant flaws.
Authorities said that Robinhood failed to monitor transactions adequately, didn't properly staff its anti-money-laundering compliance unit, and didn't comply with state guidelines.
The Securities and Exchange Commission fined the company $65 million in December 2020 and the Financial Industry Regulatory Authority fined the company $70 million in June 2021.
Cheryl Crumpton, the company's associate general counsel of litigation and regulatory enforcement, said in a statement to Forbes that it has made " significant progress" in building out its legal, compliance and cybersecurity teams.
Last month, the company said it expected to pay $30 million as a result of the investigation. The Wall Street Journal reported that this was the first penalty levied by New York's financial regulators. The stock price of the company has plummeted since it went public. The death of a 20-year-old consumer who died by suicide in 2020 after seeing an incorrect negative balance on the platform was cited by the Financial Industry Regulatory Authority.
The stock hit a record low as layoffs loom.
The SEC paid $65 million to compensate customers who were misled about trade prices.
There was a $70 million fine for customers ahead of an initial public offering.
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