Cryptocurrency trading firm Genesis Global Trading will pay the New York State Department of Financial Services $8 million and surrender its BitLicense to settle allegations it violated the agency’s compliance regulations.
Routine examinations and an investigation that followed found that GGT did not meet standards required in Bank Secrecy Act/Anti-Money Laundering compliance, transaction monitoring, suspicious activity report filings, Office of Foreign Assets Control screening and cybersecurity, according to an NYDFS announcement Friday.
