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Robinhood Fined $30 Million for Violating Regulations
Stock and crypto exchange platform Robinhood has been fined $30 million by the New York State Department of Financial Services (NYDFS).
The fine targets the crypto trading unit of Robinhood for alleged violations of anti-money-laundering and cybersecurity regulations, the Wall Street Journal reported Tuesday. This is the first time the regulatory body has incurred a fine related to cryptocurrency.
A report by the NYDFS states Robinhood Crypto LLC failed to maintain and certify compliant anti-money-laundering and cybersecurity programs. Robinhood shares were down 1% Tuesday as a result of the news.
In 2021, the trading firm was fined $70 million by the Financial Industry Regulatory Authority (FINRA), the largest fine ever issued by FINRA, for failing to protect customers.
Ethereum Founder Announces Next Stages
There are several key takeaways from the July Ethereum Conference in Paris, during which, Ethereum founder Vitalik Buterin laid out the framework for the blockchain going forward.
The Ethereum Merge, a long-awaited upgrade that will complete Ethereum’s transition from a proof-of-work (PoW) to a proof-of-stake system, is set to take place in September, but Buterin announced that after the Merge, Ethereum will only be about 55% complete.
Following the completion of five phases, referred to as the Merge, the Surge, the Verge, the Purge, and the Splurge, Ethereum will be capable of processing 10,000 transactions per second.
New Report Projects Significant Growth in Metaverse Market Share
A new report by technology research and advisory firm Technavio reveals Metaverse market share is set to surpass $50 billion by 2026.
Growth was analyzed from 2021 to 2026, and the results show market growth momentum has acceleration projections of a CAGR of nearly 21%. This year alone, growth is projected at 20.11%.
The North American region is projected to account for 32% of the growth, with Canada and the United States as leaders. Other key consumer countries included China and Germany.
Istanbul to Host Turkey’s First Cryptocurrency, Metaverse Expo
Istanbul Fair Center will be home to the first blockchain tech expo in Turkey on Dec. 22 to 25. All actors operating in the sector around the world will get their first chance to meet in Istanbul.
Blockchain Expo World will bring together all actors in Metaverse, cryptocurrencies, NFTs, Web3, Mining, DAO, DeFi and GameFi, giving attendees a chance to hear from world-renowned speakers.
The event will occur simultaneously physically and in the Metaverse. This aspect will make the expo a trailblazer in Turkey, allowing people to attend the expo from anywhere in the world.