Reported by Oluwapelumi Adejumo

Genesis Global Trading, a prominent cryptocurrency firm, has settled with the New York Department of Financial Services (NYDFS). 

As part of the agreement, Genesis Global Trading will relinquish its authorization to carry out operations within the state.

In a January 12 statement, Genesis consented to pay the New York financial regulator an $8 million fine. The firm also agreed to discontinue its operations in the state and voluntarily surrender its BitLicense.

The BitLicense is a prestigious regulatory approval authorizing cryptocurrency enterprises to conduct operations within New York. The license requires strict adherence to robust compliance with know-your-customer (KYC) protocols, anti-money laundering (AML) measures, and prescribed capitalization requirements.

Per the statement, the settlement comes in the wake of a thorough investigation by New York authorities that revealed substantial shortcomings in the firm’s anti-money laundering and cybersecurity programs.

Read full report: https://beincrypto.com/genesis-global-trading-exits-new-york/