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On July 2, Robinhood’s cryptocurrency division was slapped with a fine worth $30 million by the New York State Department of Financial Services due to issues with its transaction monitoring system and overall security framework.
Similarly, the company came under the scanner late last year when it froze all trades related to GameStop shares, citing the protection of its clients’ funds. As a result, the company was investigated by the U.S. Securities and Exchange Commission.
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