Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Genesis reached a settlement with New York regulators, forfeiting its BitLicense and imposing a fine.
Share
Facebook Twitter LinkedIn Pinterest Email

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).
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

Gala Games improves leader board rewards and introduces preference systems.

June 20, 2025

Ether Leeum Whale starts a $ 11 million leverage betting in the 30% increase in ETH prices.

June 12, 2025
Add A Comment

Comments are closed.

Recent Posts

Its Important To Know What’s Really Going On?

June 29, 2025

Elon Musk, SpaceX And Crypto Hype: What’s Really Going On?

June 28, 2025

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025

TRON Price Propects USDT supply exceeded $ 80 billion

June 28, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025

No Altcoin Season 2025 ? Why Bitcoin Dominance Is Holding Strong In The Crypto Market

June 28, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Why It Matters For Every Crypto Investor

June 27, 2025

Safe smart account audit summary

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

CARV’s New Roadmap Signals Next Wave Of Web3 AI

June 27, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Its Important To Know What’s Really Going On?

June 29, 2025

Elon Musk, SpaceX And Crypto Hype: What’s Really Going On?

June 28, 2025

Checkpoint #4: Berlinterop | Ether Leeum Foundation Blog

June 28, 2025
Most Popular

JPMorgan analyst criticizes Coinbase for lack of insight into ETF business

February 17, 2024

Binance Seeks Prime Brokerage’s Help to Pull US Investors Off Platform: Bloomberg

March 19, 2024

French President Macron Says Arrest of Telegram CEO Was ‘Not a Political Decision at All’

August 27, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.