Crypto Firm Genesis Global Trading to Pay $8 Million for Compliance Failings

Crypto brokerage firm Genesis Global Trading has agreed to pay $8 million in a settlement with New York state’s financial regulator over alleged failings in its anti-money-laundering and cybersecurity programs. 

Genesis Global Trading, part of the now-bankrupt Genesis Global Holdco LLC, closed its U.S. spot crypto trading operations in September and is in the process of winding down. As part of its settlement with the New York State Department of Financial Services, the trading unit will surrender its BitLicense, which allowed it to operate a crypto business in New York, the regulator said in a statement Friday.