Genesis will give up its crypto license and pay an $8 million fine to settle with New York regulators

New York Financial Services Department plans to announce a settlement with Genesis Global Trading, a subsidiary of the major cryptocurrency enterprise group DCG, later tonight. After an investigation found significant deficiencies in Genesis' anti-money laundering and cybersecurity programs, the trading company agreed to surrender its BitLicense, cease operations in New York, and pay an $8 million fine.