Genesis Settles Charges in New York, Forfeits BitLicense and Pays $8 Million

By: Isha Das

Genesis Trading has agreed to forfeit its BitLicense and pay an $8 million settlement, following allegations of fraud and anti-money laundering raised by the New York State Department of Financial Services (DFS). The firm has held the BitLicense since 2018.

The agreement was announced by DFS Superintendent Adrienne A. Harris last Friday in an official statement.