The New York Department of Financial Services penalized Genesis Global Trading. It is a subsidiary of Digital Currency Group.
They are required to pay an $8 million penalty and surrender their cryptocurrency license. This action comes after an investigation revealed significant shortcomings in the company's anti-money laundering and cybersecurity programs.
Genesis failed to maintain an effective compliance program for anti-money laundering and the Bank Secrecy Act requirements.
This included inadequate filing of Suspicious Activity Reports. As a result, Genesis will give up its "BitLicense." This license is necessary for cryptocurrency companies in New York. Genesis has held it since 2018.
“Genesis Global Trading’s failure to maintain a functional compliance program demonstrated a disregard for the Department’s regulatory requirements and exposed the company and its customers to potential threats,” said NYDFS Superintendent Adrienne Harris.
Our Opinion:
Such penalties can act as an assurance to wary investors that there's an active guard against illegal practices. Cryptocurrency regulation is still a relatively new and evolving landscape. Often, it may lack clarity, leading to misunderstanding and inadvertent violation by companies. Thus, hitting firms with hefty charges may seem harsh considering the relative infancy and gray areas that still exist within the regulatory framework. This story highlights the challenges and risks inherent in the rapidly evolving landscape of alternative finance, emphasizing the need for clear and consistent regulatory guidelines.
Weird Yet Wonderful AI Finds at CES 2024
The CES event is a global stage for innovators to display their newest technologies. The 2024 edition will have a focus on AI, robotics, virtual reality and autonomous vehicles, with many start-ups getting the chance to show their creative solutions. Attendees can make the most of the event by planning ahead and using provided guides and maps.
List of Peculiar AI gadgets:
"A smart cat flap"
"An AI mirror that can tell if you're unhappy"
"An AI toothbrush"
"A suitcase that follows you around"
"AI Glasses for your health”
“AI-powered birding binoculars”
“An app that lets you pay to pee”
“A bidet you can talk to”
An AI-powered stroller that rocks your baby for you”
“A TV that folds into a statue”
Sources: TechCrunch, Forbes, Yahoo Finance
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