The New York State Department of Financial Services (DFS) Superintendent, Adrienne A. Harris, announced that Genesis Global Trading, Inc. will pay an $8 million penalty for compliance failures violating virtual currency and cybersecurity regulations. This marks the DFS’s first penalties against virtual currency companies, totaling over $140 million under Superintendent Harris. The DFS found Genesis Global Trading deficient in Bank Secrecy Act/Anti-Money Laundering compliance, transaction monitoring, Suspicious Activity Report filings, Office of Foreign Assets Control screening, and cybersecurity. Genesis Global Trading, Inc., a licensed entity, is distinct from Genesis Global Capital, LLC, and is not associated with the Gemini Earn program. The DFS, led by Superintendent Harris, continues to lead in prudential regulation of virtual currency, engaging with global regulators to establish a comprehensive regulatory framework. The DFS’s VOLT initiative has added over 60 experts to enhance oversight and supervision, covering areas like Bank Secrecy Act/Anti-Money Laundering laws, cybersecurity, and more. The DFS has issued eight pieces of innovative regulatory guidance, addressing issues such as stablecoins, virtual currency insolvency, and blockchain analytics tools. Genesis Global Trading, licensed in 2018, will surrender its BitLicense and cease operations as part of the settlement.
By FCCT Editorial Team
, an independent military force, and allied militias in Sudan raped several dozen women and girls in West Darfur’s capital, El Geneina, and those fleeing to Chad between late April and late June 2023, Human Rights Watch said today. The assailants appear to have targeted people because of their Massalit ethnicity and, in some cases, because they were known activists.){kind=link}