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Genesis settles with NYDFS, forfeits BitLicense, pays $8m fine

Aerial mage of New York City.
Photo: Drew Angerer/Getty Images

Julie DiMauro

2 min read
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Genesis Global Trading agreed to pay $8m and give up its BitLicense to settle violations of NYDFS’s virtual currency and cybersecurity regulations.

Genesis Global Trading has agreed to pay $8m and give up its BitLicense (New York’s license for virtual currency activities) to settle anti-money-laundering (AML) and fraud charges against it. Confirmation came from New York State Department of Financial Services (NYDFS) Superintendent Adrienne A Harris.

“Genesis Global Trading’s failure to

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