Genesis agrees to settle with the NYDFS, under the terms of which the company will surrender its BitLicense, cease operations in New York, and pay an $8M fine
Fortune Leo Schwartz
Related Coverage
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Discussion
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@nydfs
@nydfs
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NEW: Superintendent Adrienne A. Harris Announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs More here: https://www.dfs.ny.gov/... [image]
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@nydfs
@nydfs
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Earlier today, @FortuneCrypto's @leomschwartz highlighted DFS's penalty actions on Genesis Trading for its failures that violated the Department's virtual currency and cybersecurity regulations. More here: https://fortune.com/...
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@leomschwartz
Leo Schwartz
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Scoop: Genesis reached a settlement with the NY Department of Financial Services over failures in its anti-money laundering and cybersecurity programs. Genesis agreed to forfeit its BitLicense, exit New York, and pay an $8m fine. https://fortune.com/...