Genesis Global Trading has agreed to a settlement
with the New York Department of Financial Services (NYDFS). The company, known
for its crypto lending services, will pay a fine of $8 million, relinquish the
BitLicense obtained in 2018, and cease all operations in New York.
This move followed an investigation by authorities in New York, exposing flaws in Genesis’ anti-money laundering and cybersecurity
protocols, rendering the firm susceptible to illicit activities.
New York Departamentul de Stat al Serviciilor Financiare
(NYDFS) Superintendent Adrienne Harris mentioned: “DFS’s virtual currency
și securitate cibernetică regulations are often cited as the gold standard, providing
clear and stringent requirements to protect consumers and safeguard institutions
from bad actors.”
“Genesis Global Trading’s failure to maintain a
functional compliance program demonstrated a disregard for the Department’s
regulatory requirements and exposed the company and its customers to potential
threats.”
The DFS’ investigation pointed to flaws in crucial
areas such as the Bank Secrecy Act, anti-money laundering compliance,
transaction monitoring, Suspicious Activity Report filings, Office of Foreign
Assets Control screening, and cybersecurity.
Licensed in 2018, Genesis Global Trading operated
under the purview of the NYDFS. However, the latest așezare necessitates that the company surrender its BitLicense.
Last year, Genesis Global Trading announced the closure of its US-focused spot crypto trading operations. This decision, conveyed to clients through email, took effect on September 30, 2023. It followed Genesis Global Trading’s legal disputes with FTX. Clients were advised to settle all trades by
September 21, 2023, with any remaining accounts set to be closed. The official
statement attributed this move to voluntary reasons related to the overall
strategie de afaceri.
Genesis Global Trading’s Legal Battles
Amid the closure, GGC International Limited, an
entity affiliated with Genesis, is poised to continue operating Genesis Global Trading’s spot and derivatives trading services. Notably, Genesis Global Trading managed to escape
Genesis Global’s financial troubles.
The legal hurdles facing Genesis Global
do not end there, as the company and its Founder, Barry Silbert, face a lawsuit from Gemini. The cryptocurrency exchange alleges fraudulent activities related to a digital asset lending platform operated by both companies.
In the broader crypto landscape, Genesis Global and
Gemini faced legal action from the SEC in
January last year, accused of offering unregistered securities through their crypto
lending product. Additionally, a class-action lawsuit initiated by investors
against Gemini concerning the Gemini Earn Program adds complexity to the
legal challenges faced by these entities.
Genesis Global Trading has agreed to a settlement
with the New York Department of Financial Services (NYDFS). The company, known
for its crypto lending services, will pay a fine of $8 million, relinquish the
BitLicense obtained in 2018, and cease all operations in New York.
This move followed an investigation by authorities in New York, exposing flaws in Genesis’ anti-money laundering and cybersecurity
protocols, rendering the firm susceptible to illicit activities.
New York Departamentul de Stat al Serviciilor Financiare
(NYDFS) Superintendent Adrienne Harris mentioned: “DFS’s virtual currency
și securitate cibernetică regulations are often cited as the gold standard, providing
clear and stringent requirements to protect consumers and safeguard institutions
from bad actors.”
“Genesis Global Trading’s failure to maintain a
functional compliance program demonstrated a disregard for the Department’s
regulatory requirements and exposed the company and its customers to potential
threats.”
The DFS’ investigation pointed to flaws in crucial
areas such as the Bank Secrecy Act, anti-money laundering compliance,
transaction monitoring, Suspicious Activity Report filings, Office of Foreign
Assets Control screening, and cybersecurity.
Licensed in 2018, Genesis Global Trading operated
under the purview of the NYDFS. However, the latest așezare necessitates that the company surrender its BitLicense.
Last year, Genesis Global Trading announced the closure of its US-focused spot crypto trading operations. This decision, conveyed to clients through email, took effect on September 30, 2023. It followed Genesis Global Trading’s legal disputes with FTX. Clients were advised to settle all trades by
September 21, 2023, with any remaining accounts set to be closed. The official
statement attributed this move to voluntary reasons related to the overall
strategie de afaceri.
Genesis Global Trading’s Legal Battles
Amid the closure, GGC International Limited, an
entity affiliated with Genesis, is poised to continue operating Genesis Global Trading’s spot and derivatives trading services. Notably, Genesis Global Trading managed to escape
Genesis Global’s financial troubles.
The legal hurdles facing Genesis Global
do not end there, as the company and its Founder, Barry Silbert, face a lawsuit from Gemini. The cryptocurrency exchange alleges fraudulent activities related to a digital asset lending platform operated by both companies.
In the broader crypto landscape, Genesis Global and
Gemini faced legal action from the SEC in
January last year, accused of offering unregistered securities through their crypto
lending product. Additionally, a class-action lawsuit initiated by investors
against Gemini concerning the Gemini Earn Program adds complexity to the
legal challenges faced by these entities.
- Distribuție de conținut bazat pe SEO și PR. Amplifică-te astăzi.
- PlatoData.Network Vertical Generative Ai. Împuterniciți-vă. Accesați Aici.
- PlatoAiStream. Web3 Intelligence. Cunoștințe amplificate. Accesați Aici.
- PlatoESG. carbon, CleanTech, Energie, Mediu inconjurator, Solar, Managementul deșeurilor. Accesați Aici.
- PlatoHealth. Biotehnologie și Inteligență pentru studii clinice. Accesați Aici.
- Sursa: https://www.financemagnates.com//cryptocurrency/genesis-global-trading-agrees-to-8-million-settlement-to-cease-operations-in-new-york/
- :are
- :este
- :nu
- 2018
- 2023
- 30
- 7
- a
- Conturi
- acuzat
- act
- Acțiune
- activităţi de
- activitate
- actori
- În plus,
- Adaugă
- adrienne
- adrienne harris
- avizat
- Afiliat
- împotriva
- de acord
- TOATE
- an
- și
- împotriva spălării de bani
- Orice
- SUNT
- domenii
- AS
- activ
- Bunuri
- Autoritățile
- Rău
- Bancă
- act de secret bancar
- steag
- Barry Silbert
- BE
- BitLicense
- atât
- mai larg
- afaceri
- strategia de afaceri
- by
- înceta
- provocări
- citată
- clar
- clientii
- închis
- închidere
- Companii
- companie
- complexitate
- conformitate
- referitor la
- Consumatorii
- continua
- Control
- transportat
- crucial
- cripto
- peisaj criptografic
- Împrumut Crypto
- cripto-tranzacționare
- cryptocurrency
- Schimb de criptomonede
- Monedă
- clienţii care
- Securitate cibernetică
- decizie
- demonstrat
- Departament
- Instrumentele financiare derivate
- tranzacționarea instrumentelor derivate
- digital
- Active digitale
- dispute
- do
- câștiga
- efect
- capăt
- entități
- entitate
- scăpa
- schimb
- expus
- cu care se confruntă
- fete
- cu care se confruntă
- Eșec
- pilitură
- financiar
- Servicii financiare
- Probleme financiare
- capăt
- Firmă
- defecte
- a urmat
- Pentru
- străin
- fondator
- necinstit
- din
- FTX
- funcțional
- zodia Gemeni
- Gemeni Câștigă
- Geneză
- Genesis Global
- Genesis Global Trading
- Caritate
- Aur
- Gold Standard
- Totuși
- HTTPS
- obstacole
- ilicit
- in
- iniţiat
- instituții
- Internațional
- investigaţie
- Investitori
- IT
- ESTE
- ianuarie
- jpg
- cunoscut
- peisaj
- Nume
- Anul trecut
- Ultimele
- Spălarea
- proces
- Legal
- Acțiune legală
- împrumut
- platforma de creditare
- Limitat
- menține
- gestionate
- menționat
- milion
- Monitorizarea
- muta
- este necesar ca
- Nou
- New York
- Departamentul Serviciilor Financiare din New York
- în special
- NYDFS
- obținut
- of
- oferind
- Birou
- oficial
- de multe ori
- on
- operat
- de operare
- Operațiuni
- global
- Plătește
- platformă
- Plato
- Informații despre date Platon
- PlatoData
- gata
- potenţial
- Produs
- Program
- proteja
- protocoale
- furnizarea
- motive
- regulament
- autoritățile de reglementare
- legate de
- rămas
- tencuială
- raportează
- Cerinţe
- s
- screening-ul
- SEC
- Titluri de valoare
- Septembrie
- Servicii
- set
- rezolva
- așezare
- Loc
- standard
- Stat
- Departamentul de Stat
- Declarație
- Strategie
- stringent
- astfel de
- susceptibil
- suspicios
- acea
- lor
- Acolo.
- Acestea
- acest
- amenințări
- Prin
- la
- a luat
- meserii
- Trading
- servicii de tranzactionare
- tranzacție
- în
- neînregistrat
- valori mobiliare neînregistrate
- Virtual
- monedă virtuală
- voluntar
- au fost
- voi
- cu
- an
- York
- zephyrnet