The New York State Department of Financial Services imposed a $30m fine on the cryptocurrency trading unit of online brokerage Robinhood for alleged violations of anti-money-laundering and cybersecurity regulations, in the department’s first crypto enforcement action.

The New York State financial regulator said on 2 August that Robinhood failed to maintain and certify compliant anti-money-laundering and cybersecurity programs. As part of the consent order, Robinhood also will be required to retain an independent consultant to evaluate its compliance with NYDFS’s regulations and its remediation efforts.