Genesis Global Trading, virtual currency broker, fined $8m in New York for AML, cybersecurity failings

A digital currency trading firm, which dealt mainly with institutions and high net worth individuals, has agreed to pay a US$8 million penalty after the New York Department of Financial Services discovered breaches of the State's Virtual Currency Regulation and Cybersecurity Regulation during two examinations.

A digital currency trading firm, which dealt mainly with institutions and high net worth individuals, has agreed to pay a US$8 million penalty after the New York Department of Financial Services (DFS) discovered breaches of the State's Virtual Currency Regulation (VCR) and Cybersecurity Regulation during two examinations. [1]