On August 1, 2022, the New York State Department of Financial Services (“DFS” or “Department”) issued a Consent Order, imposing a $30 million fine on Robinhood Crypto, LLC (“Robinhood”), a trading platform that allows customers to trade in cryptocurrency, for allegedly failing to comply with New York anti-money laundering (“AML”) and cybersecurity regulations. In addition to the monetary penalty, Robinhood must retain an independent consultant to perform an 18-month “comprehensive review” to evaluate Robinhood’s remediation efforts with respect to the identified compliance deficiencies. The case marks DFS’s first enforcement action in the cryptocurrency sector.