Genesis Global Trading settles with NYDFS, will forfeit BitLicense and pay $8M
Cryptocurrency firm Genesis Global Trading has agreed to settle with the New York Department of Financial Services (NYDFS), surrendering its ability to conduct operations in the state.
According to a Jan. 12 announcement, Genesis agreed to pay an $8-million fine to the NYDFS, cease operations in New York, and surrender its BitLicense, which the firm had held since 2018. The settlement followed an investigation in which New York authorities discovered “significant failings” in Genesis’ Anti-Money Laundering and cybersecurity programs.
“Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” said NYDFS Superintendent Adrienne Harris.
NEW: Superintendent Adrienne A. Harris Announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs
— NYDFS (@NYDFS) January 12, 2024
More here: https://t.co/lVY2TfitRr pic.twitter.com/eiyYsgrWUY
This is a developing story, and further information will be added as it becomes available.
