On August 1, 2022, the New York Department of Financial Services (“DFS” or the “Department”) secured its first enforcement win against a cryptocurrency platform, Robinhood’s crypto trading arm Robinhood Crypto, LLC.
Robinhood Crypto is a wholly-owned subsidiary of Robinhood Markets, Inc. (RHM). RHM allows users to trade stocks on a commission-free basis through its broker-dealer subsidiary, Robinhood Financial, LLC (RHF). Robinhood Crypto allows RHF customers to trade cryptocurrencies using customers’ U.S.… More