Robinhood has been dealt a double blow — with the company unveiling plans to lay off hundreds of staff in the wake of a $30 million fine. 🧐
Robinhood has been dealt a double blow — with the company unveiling plans to lay off hundreds of staff in the wake of a $30 million fine.
A settlement means the fintech company will also be required to hire an independent consultant to ensure Robinhood complies with regulations going forward. Adrienne Harris, the Superintendent of Financial Services, said in a statement: An investigation revealed that Robinhood Crypto's AML program was "inadequately staffed" and its transaction monitoring system had "significant deficiencies."
Vlad Tenev admitted that an earlier reduction of 9% of Robinhood's staff "did not go far enough," and the company has been affected by a further deterioration of the macro environment, with inflation continuing to run hot and a crypto market crash reducing customer trading activity. An update sent to all employees explained:
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