Robinhood’s crypto division received a Wells notice from the SEC in 2024 and was fined $30 million by the NYDFS in 2022, but the SEC investigation concluded without enforcement action in early 2025

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In 2022, the New York State Department of Financial Services fined the unit $30 million for alleged anti-money-laundering and cybersecurity violations.

In May 2024, the SEC issued a Wells notice, signaling the regulator’s intent to sue over alleged securities-law violations. However, the investigation was closed without action in February.