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Robinhood has filed the S-1 required to go public and an "in-principle settlement" with regulators over crypto trading

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Cryptocurrency trading accounted for 17% of Robinhood's total revenue in Q1 2021.

Crypto friendly brokerage platform Robinhood has filed an S-1 with the Securities and Exchange Commission (SEC) to further pave the way for its IPO, BlockBeats reported on July 2.

The S-1 document details the company's significant financial performance. Robinhood's revenue for the first three months of 2021, as of March 31, was $522 million, up 245% from a year earlier.

Robinhood wrote, "As of March 31, 2021, over the last three months, 17% of our total revenue came from cryptocurrency trading revenue, and during the first three months ended December 31, 2020, That's only 4%. While we currently support a portfolio of seven cryptocurrencies, 34% of our cryptocurrency trading revenue came from Dogecoin in the first three months through 2021, compared to 4% in the three months ending December 31, 2020."

S-1 also detailed a "settlement in principle" between Robinhood's crypto trading unit and the New York State Department of Financial Services.

As stated in the document:

"On July 24, 2020, the New York Authority of Financial Services (NYDFS) released a review of the RHC that noted a number of" concerns," The matter was later referred to the Consumer Protection and Financial Enforcement Division of the New York Financial Services Authority for investigation.

In March 2021, NYDFS notified RHC of certain alleged violations of application

(I) the conduct required by the anti-money laundering and New York Banking Act (Part 417, Part 504 and Section 44 Banking Act), including a failure to maintain and demonstrate compliance with an anti-money laundering program,

(ii) the terms of notification under the regulatory agreement between RHC and NYDFS, and

(iii) cyber security and virtual currency (parts 500 and 200) requirements, including certain deficiencies in our policies and procedures relating to risk assessment, lack of appropriate incident response and business continuity plans, and deficiencies in the security of our application development."

According to the document, "RHC and NYDFS have reached an in-principle settlement of these allegations and will file final documents in connection with the payment of a penalty and the appointment of a supervisor by RHC."