Wednesday, May 21, 2025
No Result
View All Result
Coins League
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
Marketcap
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis
No Result
View All Result
Coins League
No Result
View All Result

Genesis to pay $8M fine, forfeit BitLicense as NYDFS settlement

January 13, 2024
in Regulations
Reading Time: 2 mins read
0 0
A A
0
Home Regulations
Share on FacebookShare on TwitterShare on E Mail


The New York Division of Monetary Providers (NYDFS) says Genesis World Buying and selling can pay an $8 million wonderful and give up its BitLicense.
NYDFS stated in a press launch that investigations discovered the crypto platform had important failings in its anti-money laundering and cybersecurity applications. 
Genesis World Buying and selling is a subsidiary of Digital Foreign money Group and acquired its BitLicense in 2018.

The New York Division of Monetary Providers (NYDFS) has introduced an $8 million penalty towards Genesis World Buying and selling, a subsidiary of crypto firm Digital Foreign money Group.

Superintendent Adrienne A. Harris additionally introduced that Genesis will give up its BitLicense as a part of a settlement following the New York regulator’s investigation. In accordance with the NYDFS, investigations into the crypto platform’s actions revealed important failings in its anti-money laundering and cybersecurity applications.

“Genesis World Buying and selling’s failure to take care of a practical compliance program demonstrated a disregard for the Division’s regulatory necessities and uncovered the corporate and its clients to potential threats,” Superintendent Harris stated.

The regulator discovered that the buying and selling platform, the one Genesis entity that held the BitLicense, failed to fulfill the required Financial institution Secrecy Act and Anti-Cash Laundering compliance requirements. This additionally utilized to transaction monitoring, Suspicious Exercise Report (SAR) filings and Workplace of Overseas Belongings Management (OFAC) screening, Harris added within the press launch.

Genesis World Buying and selling, totally different from the Genesis World Capital that filed for chapter in 2023, acquired the NYDFS’ digital forex enterprise license in 2018. 

Learn extra: Genesis World Buying and selling closes its OTC buying and selling platform

In its announcement right now, the state regulator stated the DCG subsidiary “was not concerned within the Gemini Earn program.”

Share this articleCategoriesTags



Source link

Tags: BitLicenseFINEforfeitGenesisNYDFSPaySettlement
Previous Post

BlackRock CEO’s crypto pivot continues, turns bullish on tokenization to eliminate ‘corruption’

Next Post

Optimism (OP) Earns High Praise from Vitalik Buterin for $100M Public Goods Initiative

Related Posts

UK confirms crypto tax data rules under CARF; first deadline set for May 2027
Regulations

UK confirms crypto tax data rules under CARF; first deadline set for May 2027

May 17, 2025
Coinbase faces SEC probe over historical user metrics: report
Regulations

Coinbase faces SEC probe over historical user metrics: report

May 19, 2025
Coinbase CEO bullish on stablecoin bill’s senate fate despite political headwinds
Regulations

Coinbase CEO bullish on stablecoin bill’s senate fate despite political headwinds

May 15, 2025
Crypto.com gets green light in Canada with restricted dealer registration
Regulations

Crypto.com gets green light in Canada with restricted dealer registration

May 13, 2025
Trump’s crypto ties derail bipartisan stablecoin push in senate
Regulations

Trump’s crypto ties derail bipartisan stablecoin push in senate

May 9, 2025
MOVE token plunges to all-time low after Coinbase delisting and market-making controversy
Regulations

MOVE token plunges to all-time low after Coinbase delisting and market-making controversy

May 3, 2025
Next Post
Optimism (OP) Earns High Praise from Vitalik Buterin for $100M Public Goods Initiative

Optimism (OP) Earns High Praise from Vitalik Buterin for $100M Public Goods Initiative

Cboe Digital Launches Margined BTC and Ether Futures

Cboe Digital Launches Margined BTC and Ether Futures

Bayern Munich Scores Big with Bitpanda Partnership

Bayern Munich Scores Big with Bitpanda Partnership

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Twitter Instagram LinkedIn RSS Telegram
Coins League

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Coins League

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITEMAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Bitcoin
  • Crypto Updates
    • Crypto Updates
    • Altcoin
    • Ethereum
    • Crypto Exchanges
  • Blockchain
  • NFT
  • DeFi
  • Metaverse
  • Web3
  • Scam Alert
  • Regulations
  • Analysis

Copyright © 2023 Coins League.
Coins League is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In