Posted 1/12/2024, 1:30:00 PM
Genesis Settles with NY Regulator for $8M Over Compliance Failures
- Genesis Global Trading reaches $8 million settlement with New York regulator DFS over failures in AML and cybersecurity programs
- Genesis forfeits BitLicense and agrees to cease NY operations as part of settlement
- Genesis is a subsidiary of Digital Currency Group, which has faced lawsuits and scrutiny over crypto collapse
- DFS found significant deficiencies in Genesis's risk assessments, policies, reporting, and data protections
- Settlement amount relatively low due to Genesis's cooperation and efforts to update compliance programs