Genesis Global Trading, a subsidiary of the influential cryptocurrency conglomerate Digital Currency Group (DCG), has reached a settlement with the New York Department of Financial Services (DFS) that includes forfeiting its BitLicense, ceasing operations, and paying an $8 million fine, according to a report in Fortune.

The New York regulator said its probe into the company unearthed significant shortcomings in the company’s anti-money laundering and cybersecurity protocols.

“The settlement with the New York State Department of Financial Services regards Genesis Global Trading, Inc., an entity that held a virtual currency license with NYDFS. The entity ceased operations in September 2023 and Genesis is in the process of voluntarily winding it down for business reasons,” a Genesis spokesperson told Decrypt in an email. “Genesis had taken substantial measures to address these historical deficiencies and is pleased to resolve this matter.”

Under the terms of the settlement, Genesis Global Trading will relinquish its BitLicense—a crypto business registration that’s unique to New York—halt its New York-based operations, and pay an $8 million penalty.

Superintendent Adrienne Harris of DFS highlighted the firm’s failure to uphold a robust compliance framework, underscoring the potential risks to both the company and its clients.

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Author: Decrypt Staff

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