Robinhood Markets (HOOD) has been ordered to pay $3.75 million in restitution to customers and $26 million in fines for violating numerous Financial Industry Regulatory Authority rules, the organization said Friday.

Robinhood has agreed to the settlement without admitting or denying the charges but agreed to remediatory measures, FINRA said.

According to the regulator, Robinhood Financial provided customers with inaccurate or incomplete information regarding its conversion of market orders into limit orders.

Additionally, Robinhood Financial and Robinhood Securities allegedly failed to establish and implement reasonable anti-money laundering programs and failed to detect, investigate, or report suspicious trades, the regulator said.

Robinhood Securities was accused of failing to reasonably supervise the clearing technology system used to clear trades for Robinhood Financial, resulting in "severe latency" in January 2021 during a surge in trading volume.

Robinhood Securities was also accused of a lack of proper oversight of social media communications by influencers promoting the firm and failed to comply with its reporting and auditing obligation, FINRA said.