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Robinhood’s crypto unit provisions for $10m fine over cyber, money-laundering breaches

The eventual penalty could exceed $15m, the company said in IPO paperwork filed

The cryptocurrency brokerage of Robinhood Markets expects to pay New York regulators a penalty of at least $10m for allegedly violating state rules on cybersecurity and anti-money-laundering practices, the company said in filings last week.

The unit, Robinhood Crypto, has reached a settlement in principle over a New York State Department of Financial Services investigation, the mobile investing firm said in the filing.

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