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Fortune

Leo Schwartz

Exclusive: Genesis reaches settlement with New York regulator, will forfeit BitLicense and pay $8 million fine

Genesis DFS New York United States Letitia James Department Fortune Adrienne Harris Crypto Gemini

(Credit: Lev Radin—Getty Images)

The New York Department of Financial Services plans to announce later today a settlement with Genesis Global Trading, a subsidiary of the major crypto conglomerate Digital Currency Group.

After an investigation found significant failures in Genesis's anti-money laundering and cybersecurity programs, the trading firm agreed to surrender its BitLicense, cease operations in New York, and pay an $8 million fine.

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