According to a signed consent order, the New York State Department of Financial Services (NYDFS) has agreed to the Genesis Global Trading settlement deal which includes an $8 million penalty payment.
Genesis Forfeits its BitLicense
On Friday, Digital Currency Group (DCG) subsidiary Genesis Global Trading agreed to the settlement with NYDFS on the premise that it would cease its operations from New York and forfeit its BitLicence for virtual currency activities in the state. The company also agreed to pay $8 million to the state after it was accused of violating rules associated with anti-money laundering and fraud.
According to NYDFS Superintendent Adrienne A. Harris, Genesis Global made itself vulnerable to illicit activities as well as cybersecurity threats.
“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,” Harris
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