Genesis Global has reached a settlement with the New York Department of Financial Services and has paid a fine of $8 million.

BlockBeats reported on January 12th that the New York Department of Financial Services plans to announce a settlement with Genesis Global Trading, a subsidiary of the cryptocurrency group Digital Currency Group, later today, according to Fortune magazine. After an investigation found significant deficiencies in Genesis' anti-money laundering and cybersecurity programs, the trading company agreed to surrender its BitLicense, cease operations in New York, and pay an $8 million fine.