Cryptocurrency firm Genesis Global Trading has reached a settlement with the New York Department of Financial Services (NYDFS), resulting in the company relinquishing its operational rights in the state.
As per an announcement made on January 12, Genesis has agreed to pay a hefty fine of $8 million to the NYDFS. In addition to this, the firm will cease all its operations in New York and surrender its BitLicense, a privilege it had been enjoying since 2018.
The settlement comes in the wake of an investigation that revealed “significant failings” in Genesis’ Anti-Money Laundering and cybersecurity programs. The NYDFS Superintendent, Adrienne Harris, expressed her concerns over the matter, stating, “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.”
This is an ongoing story, and more information will be provided as it becomes available.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Adrienne Harris |
| Companies | New York Department of Financial Services, Genesis Global Trading |
| Currencies | None |
| Securities | None |
