Genesis Agrees To Settle With New York DFS, Surrenders BitLicense And Pays $8M Fine
Summary
New York DFS is set to announce a settlement with Genesis Global, a subsidiary of Digital Currency Group, due to compliance program failures. Genesis faced setbacks from failed firms, SEC and NY Attorney General lawsuits, and broader struggles. DFS found deficiencies in anti-money laundering, cybersecurity programs, and SARs filing. Genesis agreed to an $8 million fine, surrender its BitLicense, and cease operations in New York. Genesis expressed satisfaction with resolving the matter and emphasized voluntary cessation of operations.
