Cryptocurrency firm Genesis Global Trading has agreed to settle with the New York Department of Financial Services (NYDFS), surrendering its ability to conduct operations in the state. 

According to a Jan. 12 announcement, Genesis agreed to pay a $8 million fine to the NYDFS, cease operations in New York, and surrender its BitLicense — which the firm had held since 2018. The settlement followed an investigation in which New York authorities discovered “significant failings” in Genesis’ Anti-Money Laundering and cybersecurity programs.

“Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” said NYDFS Superintendent Adrienne Harris.

NEW: Superintendent Adrienne A. Harris Announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings in Anti-Money Laundering and Cybersecurity Programs

More here: https://t.co/lVY2TfitRr pic.twitter.com/eiyYsgrWUY

— NYDFS (@NYDFS) January 12, 2024

This is a developing story, and further information will be added as it becomes available.