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Home » Exclusive: Genesis reaches settlement with New York regulator, will forfeit BitLicense and pay $8 million fine – Fortune

Exclusive: Genesis reaches settlement with New York regulator, will forfeit BitLicense and pay $8 million fine – Fortune

Exclusive: Genesis reaches settlement with New York regulator, will forfeit BitLicense and pay $8 million fine – Fortune

The New York Department of Financial Services plans to announce later today a settlement with Genesis Global Trading, a subsidiary of the major crypto conglomerate Digital Currency Group.After an investigation found significant failures in Genesis’s anti-money-laundering and cybersecurity programs, the trading firm agreed to surrender its BitLicense, cease operations in New York, and pay an $8 million fine. “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 superintendent Adrienne Harris in a statement shared with Fortune.Founded in 2015, Digital Currency Group… 

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