Genesis Global Trading fined $8M by NYDFS over AML, cyber lapses
By 
Kyle Brasseur2024-01-16T18:24:00
Virtual currency brokerage firm Genesis Global Trading agreed to pay an $8 million penalty levied by the New York State Department of Financial Services (NYDFS) for alleged compliance failures that left it vulnerable to illicit activity and cybersecurity threats.
Genesis Global Trading is in the process of winding down operations, said the NYDFS in its press release Friday, a year after other Genesis businesses filed for bankruptcy as part of a restructuring plan.
The settlement requires Genesis Global Trading to surrender its BitLicense allowing it to conduct virtual currency business activity in New York.
Related articles
-
News BriefNordea Bank to pay $35M to resolve NYDFS probe into AML shortcomings
Finland-based Nordea Bank will pay $35 million to resolve an investigation by the New York Department of Financial Services into “significant compliance failures” in its anti-money laundering and Bank Secrecy Act program.
-
News BriefGenesis penalized $21M by SEC for sale of unregistered securities
Crypto firm Genesis Global Capital agreed to pay a $21 million civil penalty to the Securities and Exchange Commission to settle charges that the Gemini Earn investment program was an unregistered security offering.
-
News BriefNYDFS fines Gemini $37M over compliance failures
The New York State Department of Financial Services fined cryptocurrency exchange Gemini Trust Company $37 million over alleged compliance failures related to lapses in safety and soundness.
More from Regulatory Enforcement
-
ArticleTractor Supply Company hit with $1.35M fine for alleged California privacy violations
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
-
Basic PageLuminUltra fined $685K by BIS for illegal shipment to Iran
A single $33,000 shipment to Iran triggered a six-figure penalty and years of compliance oversight for biotechnology company LuminUltra Technologies, Inc.
-
News BriefFTC secures $5.7M settlement after business data provider repeatedly broke compliance order
The Federal Trade Commission (FTC) accused business credit reporting company Dun & Bradstreet of failing to comply with the commission’s 2022 order.