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Home»ADOPTION NEWS»Genesis reached a settlement with New York regulators, forfeiting its BitLicense and imposing a fine.
ADOPTION NEWS

Genesis reached a settlement with New York regulators, forfeiting its BitLicense and imposing a fine.

By Crypto FlexsJanuary 14, 20242 Mins Read
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Genesis reached a settlement with New York regulators, forfeiting its BitLicense and imposing a fine.
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Posted 1 minute ago In ~

Genesis Global Trading, a subsidiary of Digital Current Group, has reportedly reached a settlement with New York’s Department of Financial Services after an investigation revealed anti-money laundering and cybersecurity deficiencies. It will surrender its BitLicense, New York’s license for virtual currency activities, and pay a fine of $8 million.

In a statement shared with Fortune, which first reported the news, Superintendent Adrienne Harris said, “Genesis Global Trading’s failure to maintain a functional compliance program demonstrates a disregard for the department’s regulatory requirements and exposes the company and its customers to potential threats.” “I will give it to you,” he said.

Harris’ statement comes after DFS investigated Genesis twice and discovered AML and cybersecurity failures that the company addressed with “little effort or resources.” He appears to have no dedicated officer to oversee AML compliance.

DFS also claims that Genesis failed to provide adequate information to its customers.

It is reported that an official announcement will be made around today.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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