- Genesis Global Trading has reached a settlement with the New York State Department of Financial Services (NYDFS) in a dispute over inadequate AML and cybersecurity efforts.
- As part of the settlement, the company will pay a fine of $8 million.
- Genesis will also give up its BitLicense, which allows it to operate in virtual currency.
- Last year, DCG, the conglomerate that Genesis is a subsidiary of, reached a settlement with Genesis to end a $620 million lawsuit.
- DCG will repay outstanding loans of $324.5 million by April 2024.
- DCG and its affiliated companies are also facing charges of $1 billion in fraud, with former Genesis CEO Michael Moreau and ex-DCG head Barry Silbert being targeted in the lawsuit.
- Genesis has also entered into a settlement agreement with the Three Arrows Capital fund.
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Media: Genesis will lose its BitLicense and pay a fine of $8 million
