Genesis Global Trading agreed to pay $8 million and waive its BitLicense license to settle the charges against it.
New York Department of Financial Services, “Genesis Global Trading’s lack of a functional legal compliance program violated the legal requirements established by the Department, leaving the company and its customers exposed to potential threats.” made the statement.
Genesis has been experiencing both legal and financial difficulties since last year. Securities and Exchange Commission (SEC), worth billions of dollars He accused the company last January of selling unregistered securities. Genesis, which went bankrupt in the same month, is still to recover millions of dollars it works.
The case also involved the New York Attorney General’s Office, Digital Currency Group and Gemini Trust. deceived investors He filed a lawsuit against Genesis in October for
The company will cease its operations in New York in line with the agreement reached.