Genesis Global Trading Settles with NYDFS for $8M, Surrenders BitLicense

The settlement follows an investigation into the company's anti-money laundering and cybersecurity programs, leading to the cessation of its operations in New York.

Genesis Global Trading, a subsidiary of Digital Currency Group, has agreed to pay an $8 million fine and surrender its BitLicense in a settlement with the New York Department of Financial Services (DFS).
The settlement comes after an investigation found significant failings in Genesis's anti-money laundering and cybersecurity programs.
Genesis Global Trading will cease its operations in New York as part of the settlement.
The company has been embroiled in legal troubles since last year, including charges from the Securities Exchange Commission (SEC) for selling unregistered securities and a lawsuit from the New York Attorney General's Office alleging fraud.
Genesis Global Trading was the only entity of Digital Currency Group to hold a BitLicense, a requirement for cryptocurrency companies to offer certain services within New York.