©Reuters.
NEW YORK – Genesis Global Trading, a major cryptocurrency company, has agreed to pay an $8 million fine and relinquish its BitLicense, effectively ending its operations in New York. The decision follows an investigation by DFS Superintendent Adrienne A. Harris that uncovered a series of regulatory violations.
The investigation, which began with audits from May 2018 to March 2019, found that Genesis had multiple violations of anti-money laundering protocols and cybersecurity measures. The ensuing investigation confirmed the company’s non-compliance with strict regulations on virtual currencies and cybersecurity standards set by authorities.
Genesis Global Trading has already faced legal scrutiny. She has been involved in litigation with the Securities and Exchange Commission (SEC) and the New York Attorney General over allegations of unregistered securities offerings. Additionally, the company has been linked to the now-bankrupt Three Arrows Capital and Alameda Research entities, which played central roles in the industry’s upheaval.
This article was generated and translated with the help of AI and reviewed by an editor. For more information, see our T&Cs.