The New York State Department of Financial Services (NYDFS) has fined Robinhood's crypto arm $30 million. It is accused of alleged violations of anti-money laundering, cybersecurity and consumer protection rules.

The online trading app has been at the center of several regulatory investigations, including those triggered by the stock frenzy itself last year. For example, the New York state financial regulator fined Robinhood Markets Inc.'s crypto arm $30 million for alleged violations of anti-money laundering, cybersecurity and consumer protection rules. As part of the settlement, Robinhood Crypto will also be required to retain an independent consultant to assess its compliance practices, the NYDFS said.