Genesis Settles With NYDFS, Surrendering BitLicense and Paying $8 Million Fine: Fortune
The New York Department of Financial Services has reached a settlement with Genesis Global Trading, a subsidiary of Digital Currency Group, after an investigation found failures in its anti-money laundering and cybersecurity programs. Genesis agreed to surrender its BitLicense, pay an $8 million fine, and cease operations in New York. The settlement reflects the company's disregard for regulatory requirements and potential threats to its customers.
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Genesis Settles With NYDFS, Surrendering BitLicense and Paying $8 Million Fine: Fortune
The New York Department of Financial Services has reached a settlement with Genesis Global Trading, a subsidiary of Digital Currency Group, after an investigation found failures in its anti-money laundering and cybersecurity programs. Genesis agreed to surrender its BitLicense, pay an $8 million fine, and cease operations in New York. The settlement reflects the company's disregard for regulatory requirements and potential threats to its customers.