The potential fine relates to concerns around money laundering and cybersecurity flagged by the New York State Department of Financial Services
has said its cryptocurrency division could face fines of at least US$15mln from the New York State Department of Financial Services (NYDFS) as a result of what it said were concerns surrounding money laundering and cybersecurity.
In its initial public offering (IPO) prospectus released last week, the stock trading platform said the estimated US$15mln penalty was “the bottom of the range for our probable loss in this matter”, adding that it could confirm whether current discussions with NYDFS would be the end of the issue.
READ: Robinhood prospectus reveals surge in memestock trading and law suits
The prospect of another multi-million dollar fine will add pressure to Robinhood’s crypto arm following reports last month that the SEC has been probing the division as part of a wider review of the company ahead of its planned listing.
The scrutiny means the firm’s float, which was originally planned for the summer, could be…
