meta_id 3178811

On May 22, 2026, the Florida Office of Financial Regulation (OFR) entered a Final Order resolving an enforcement action against Robinhood Money, LLC, a money transmitter licensed under Chapter 560, Florida Statutes. The OFR approved a Stipulation and Consent Agreement settling violations identified during examination number 129045, which the OFR initiated following an Administrative Complaint issued on March 10, 2026. Under the agreement, Robinhood Money consented to findings that it failed to timely report the opening of three bank accounts used to conduct money services business activity, in violation of Section 560.126(2), Florida Statutes, and failed to report the addition of control persons to the licensee, in violation of Section 560.126(3), Florida Statutes. Robinhood Money neither admitted nor denied these findings but agreed to resolve the matter without further litigation. As part of the settlement, Robinhood Money agreed to pay an administrative fine of $4,500 to the OFR and to comply with all provisions of Chapter 560, Florida Statutes and corresponding rules. The company, led by President Deepak Rao, waived its rights to an administrative hearing, separately stated findings and conclusions of law, and any right to appeal the Final Order. The OFR noted that failure to comply with the agreement's terms may result in issuance of an emergency cease and desist order. Each party bears its own costs and attorney fees incurred in the matter. REFERENCES: Florida Office of Financial Regulation. (2026). Final Order and Stipulation and Consent Agreement. Case Number 132872. State of Florida Office of Financial Regulation.