Summary
Genesis Global Trading has agreed to pay an $8 million penalty to the state of New York for failing to comply with cryptocurrency and cybersecurity regulations. As a result of the settlement, the company has lost its ability to operate in New York under the state’s BitLicense program. Genesis Global Trading, which is affiliated with the Digital Currency Group, closed down its operations in September.
Key Points
1) Genesis Global Trading was fined $8 million by New York for compliance failures related to cryptocurrency and cybersecurity regulations.
2) The settlement resulted in the crypto broker losing its ability to operate in New York under the state’s Department of Financial Services’ BitLicense program.
3) Genesis Global Trading, an affiliate of Barry Silbert’s Digital Currency Group, ceased operations in September.