The New York State Department of Financial Services (NYDFS) announced a settlement with Genesis Global Trading, which includes an $8 million fine and the relinquishment of its license to operate with virtual currencies in New York.
The NYDFS’s investigation into Genesis Global Trading —a subsidiary of Digital Currency Group (DCG) — revealed major deficiencies in its compliance programs. These deficiencies contravened the stringent standards set by the NYDFS and exposed both the company and its customers to a range of potential risks and illicit activities.
Superintendent Adrienne A. Harris highlighted the gravity of these compliance failures, indicating a disregard for regulatory requirements and potential threats to consumer protection.
Relinquished license
As part of the settlement, Genesis Global Trading will surrender its BitLicense, a special license granted by NYDFS for companies to operate using virtual currencies in New York.
Genesis was the only entity under DCG to hold
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