{"id":46546,"date":"2021-07-22T17:32:38","date_gmt":"2021-07-22T14:32:38","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=46546"},"modified":"2025-09-01T16:56:59","modified_gmt":"2025-09-01T13:56:59","slug":"robinhood-doubles-potential-nydfs-penalty","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/robinhood-doubles-potential-nydfs-penalty\/","title":{"rendered":"Robinhood doubles potential NYDFS penalty"},"content":{"rendered":"<p>The crypto-friendly platform Robinhood <a href=\\\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001783879\/000162828021013986\/robinhoods-1a1.htm\\\">estimated<\/a> the minimum possible costs of a &#8216;principled settlement&#8217; of NYDFS claims at $30 million.<\/p>\n<p>The agency raised questions to Robinhood Crypto&#8217;s unit regarding cybersecurity and anti-money laundering.<\/p>\n<p>The agreement could also involve appointing an independent monitor to oversee the division&#8217;s operations.<\/p>\n<p>In the previous version of the S-1 filing for the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span><a href=\"https:\/\/forklog.com\/en\/news\/robinhood-sets-aside-15m-for-nydfs-settlement\"> was cited<\/a> as a figure half as large.<\/p>\n<p>In 2020, to settle the NYDFS dispute, the firm set aside $10 million, in the first quarter of 2021 \u2014 an additional $5 million.<\/p>\n<p>On June 1, 2021, it emerged that Robinhood<a href=\"https:\/\/forklog.com\/en\/news\/robinhood-to-pay-record-finra-settlement-fine\"> would pay a record $70 million<\/a> to settle the dispute with <span data-descr=\"U.S. Financial Industry Regulatory Authority\" class=\"old_tooltip\">FINRA<\/span>. In March the firm <a href=\"https:\/\/forklog.com\/en\/news\/robinhood-values-finra-settlement-at-26-6-million\"> estimated<\/a> these costs at $26.6 million.<\/p>\n<p>The company remains on track for a Nasdaq listing<a href=\"https:\/\/forklog.com\/en\/news\/robinhood-files-s-1-for-ipo\">. The number and price range of the shares to be issued have not been determined. Goldman Sachs and JPMorgan will act as underwriters.<\/p>\n<p>Earlier, Robinhood<a href=\"https:\/\/forklog.com\/en\/news\/robinhood-warns-of-decline-in-crypto-related-revenues\"> warned<\/a> of lower revenue from cryptocurrency operations in the third quarter.<\/p>\n<p>Subscribe to ForkLog&#8217;s channel on <a href=\\\"https:\/\/www.youtube.com\/channel\/UCC9FnXTC8_ENzaNSO5cHQ6g\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">YouTube<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto-friendly platform Robinhood estimated the minimum possible costs of a &#8216;principled settlement&#8217; of NYDFS claims at $30 million.<\/p>\n","protected":false},"author":1,"featured_media":46547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1304,1457,36,1234],"class_list":["post-46546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-fines","tag-nydfs","tag-regulation","tag-robinhood"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=46546"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46546\/revisions"}],"predecessor-version":[{"id":46548,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/46546\/revisions\/46548"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/46547"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=46546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=46546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=46546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}