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New York DFS Announces Genesis Global Trading’s $8 Million Settlement for Violations

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icon 13/01/24
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New York DFS Announces Genesis Global Trading’s $8 Million Settlement for Violations

On January 12, the New York State Department of Financial Services (DFS) published a press release noting that Genesis Global Trading will pay an $8 million penalty to New York State due to its failure to comply with DFS’s virtual currency and cybersecurity regulations.

According to DFS Superintendent Adrienne A. Harris, the firm’s failure led to illegal activity and cybersecurity threats. Genesis Global Trading is not the same as Genesis Global Capital, LLC. Genesis Global Trading obtained a license from DFS and was not involved in the Gemini Earn program.

According to the state’s Virtual Currency Regulation, virtual currency licensees are required to establish and maintain an anti-money laundering (AML) program based on a risk assessment, but Genesis Global Trading did not complete a risk assessment that met the regulation’s requirements until the middle of 2022. The firm did not meet AML standards in several areas.

It did not conduct enhanced screening of employees and third-party service providers and, therefore, was still not fully compliant with OFAC guidelines. Likewise, the firm was deficient in terms of consumer protection disclosure requirements.

Genesis Global Trading’s December 2022 risk assessment did not allow revision of controls to respond to technological developments and evolving threats and did not adequately consider cybersecurity risks to its business operations. The firm failed to report certain information, or certify that certain information was correct, to the company’s board of directors and the DFS.

“GGT has notified the Department of its intention to cease operations, including all operations in New York State, and to surrender its license to conduct virtual currency business activity,” reads the consent order.

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