Genesis Global will pay a fine of $8 million and reach a settlement with the New York Department of Financial Services

ChainCatcher news, according to Fortune magazine, the New York Department of Financial Services plans to announce a settlement with Genesis Global Trading later today, which is a subsidiary of the cryptocurrency group Digital Currency Group.

It is reported that after an investigation found significant deficiencies in Genesis's anti-money laundering and cybersecurity programs, the trading company agreed to forfeit its BitLicense, cease operations in New York, and pay a $8 million fine.