According to the New York State Department of Financial Services (DFS), Genesis Global Trading has agreed to a settlement fine of $8 million and will forfeit its New York state Bitlicense as part of the agreement over compliance failures. Adrienne Harris, the DFS Superintendent said Genesis displayed a “demonstrated a disregard for the Department’s regulatory requirements.”
Genesis Global Trading to Pay $8M, Relinquish NY Bitlicense Over Regulatory Failures
Genesis Global Trading has consented to settle an $8 million penalty for non-compliance with state financial regulations. The Department of Financial Services (DFS) discovered, through regular audits and an inquiry, that Genesis did not adhere to the Bank Secrecy Act norms, anti-money laundering (AML) protocols, and the requirements for filing suspicious activity reports (SAR). The New York state authority clarified that Genesis Global Trading operates independently from Genesis Global Capital, both subsidiaries under Digital
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