Genesis Settles with New York Regulator, Forfeits BitLicense and Pays $8M Fine

Genesis Global Trading, a subsidiary of Digital Currency Group, has reached a settlement with the New York Department of Financial Services after significant failures in its anti-money-laundering and cybersecurity programs. As part of the settlement, Genesis will forfeit its BitLicense, cease operations in New York, and pay an $8 million fine. The settlement reflects the regulator's scrutiny of cryptocurrency firms and highlights the ongoing discussions around crypto regulation in New York.