Genesis Agrees to Pay $8M Fine to New York Regulators
Genesis Global Trading, a company owned by DCG, has recently reached an agreement with the New York Department of Financial Services (NYDFS) after an investigation showed that the company had significant deficiencies in their systems for preventing money laundering and ensuring cybersecurity.
The regulator states that the company’s lack of a well-functioning compliance program displayed a disregard for regulatory requirements and put the company and its clients at risk.
After a thorough investigation, the NYDFS discovered that Genesis had violated several regulations, including the failure to have a designated compliance officer.
As part of the agreement, Genesis Global Trading will have to pay a fine of $8 million, cease operations in New York, and give up their BitLicense, which was granted to them in 2018.
