Posted 1/12/2024, 4:27:50 PM
Genesis Forfeits New York BitLicense, Pays $8 Million Settlement Over Compliance Shortfalls
- Genesis Global Trading, a subsidiary of Digital Currency Group, reaches $8 million settlement with New York regulator over shortcomings in compliance protocols
- Genesis agrees to forfeit its BitLicense to operate in New York and cease state operations
- Settlement includes $8 million penalty for failures in anti-money laundering controls and cybersecurity
- Actions highlight growing regulatory scrutiny and expectations for crypto companies' compliance mechanisms
- Settlement marks critical juncture for crypto oversight debates amid ongoing calls for robust regulation