-
Superintendent Adrienne A. Harris Announces $8 Million Penalty Against Genesis Global Trading, Inc. After DFS Investigation Finds Significant Failings
New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today announced that Genesis Global Trading, Inc. (“Genesis Global Trading”) will pay an $8 million penalty to New York State for compliance failures that violated DFS’s virtual currency and cybersecurity regulations and left the company vulnerable to illicit activity and cybersecurity threats. Under Superintendent Harris, the Department has imposed its first penalties against virtual currency companies, to date levying more than $140 million to hold companies accountable. “DFS’s virtual currency and cybersecurity ... (full story)