crypto: Crypto firm Genesis Global Trading to pay $8 million penalty, surrender NY license
The New York Department of Financial Services said Digital Currency Group subsidiary Genesis Global trading will pay an $8 million penalty and surrender its license from the regulator after an investigation found significant failings in the company's anti-money laundering and cybersecurity programs. Genesis - a cryptocurrency market-maker and brokerage firm - failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity…