EddieJayonCrypto
13 Jan 24
Digital Currency Group's subsidiary, Genesis Global Trading, settled with the New York Department of Financial Services after failing to meet anti-money laundering and cybersecurity standards. The company will pay an $8 million penalty and surrender its BitLicense, as it prepares to shut down its op...
Digital Currency Group's subsidiary, Genesis Global Trading, settled with the New York Department of Financial Services after failing to meet anti-money laundering and cybersecurity standards. The company will pay an $8 million penalty and surrender its BitLicense, as it prepares to shut down its operations. This comes after NYDFS initiated measures against crypto firms, including ordering Paxos to stop minting the BUSD stablecoin and negotiating a large digital asset settlement with Coinbase. This action is part of NYDFS's efforts to protect consumers and institutions from bad actors in the cryptocurrency space.
Digital Currency Group (DCG) subsidiary – Genesis Global Trading – reached a settlement with the New York Department of Financial Services (NYDFS) on January 12th. Genesis will pay an $8 million penalty after an agency’s investigation found significant failings in anti-money laundering and cybersecurity programs. NYDFS said the compliance failures left the company vulnerable to illicit activity and cybersecurity threats.
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