Genesis Global Trading Settles with NYDFS: Ceases Operations and Pays $8M Fine
Summary:
Genesis Global Trading, a cryptocurrency firm, will pay an $8 million fine to the NYDFS, halt its operations in New York, and give up its BitLicense. This comes after an investigation revealed considerable deficiencies in the company's Anti-Money Laundering and cybersecurity measures.
Genesis Global Trading, a cryptocurrency enterprise, has reached a settlement with the New York Department of Financial Services (NYDFS), forfeiting its permission to operate within the jurisdiction. In a statement released on January 12, Genesis agreed to remit an $8 million fine to the NYDFS, cease all its activities within New York, and relinquish its BitLicense - a permit it has held since 2018. This settlement came in the wake of an investigation by New York authorities that revealed significant shortcomings in Genesis' Anti-Money Laundering and cybersecurity approaches. "Genesis Global Trading's neglect to uphold an adequate compliance program demonstrated a lack of respect for the Department's regulatory standards and risked the security of the organization and those utilizing its services," said NYDFS Superintendent Adrienne Harris. News just in: Superintendent Adrienne A. Harris Announced an $8 Million Penalty Against Genesis Global Trading, Inc. Following a DFS Investigation that Unearthed Major Weaknesses in Anti-Money Laundering and Cybersecurity Measures - more details here: https://t.co/lVY2TfitRr pic.twitter.com/eiyYsgrWUY— NYDFS (@NYDFS) January 12, 2024
New details are expected to emerge as this ongoing story unfolds.
Published At
1/12/2024 5:58:13 PM
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