October 6, 2022

Robinhood HOOD, the beleaguered brokerage that caught the attention of Gen Z investors, is in for more pain.

The company’s cryptocurrency unit has been fined $30 million by the New York Department of Financial Services and has been accused of violating anti-money laundering and cybersecurity regulations.

Shares of Robinhood have tumbled 76.10% over the past year as the Gen Z investors it sought out appear to have suffered significant losses when cryptocurrency prices plummeted while the stock market retreated on concerns about high inflation and recession fears as the Federal Reserve raises interest rates.

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