New York Financial authority fines Robinhood app $30 million

The New York State Department of Financial Services has fined investment app Robinhood $30 million for violating anti-money laundering and cybersecurity laws.

This is the first fine issued by the regulator of a cryptocurrency company.

According to the New York State Department of Financial Services, the Robinhood cryptocurrency exchange does not properly support programs to combat money laundering and cybercrime.

Shares of Robinhood rose 0.3% in trading on Tuesday.

Since the beginning of the year, the company’s capital has decreased by 49% and reached $7.89 billion.

Source: Interfax