The investigation, which began with audits from May 2018 to March 2019, revealed that Genesis had multiple breaches in anti-money laundering protocols and cybersecurity measures. The subsequent inquiry confirmed the company’s non-compliance with stringent virtual currency regulations and cybersecurity standards set by the authorities.
Genesis Global Trading has faced legal scrutiny before. It has been embroiled in legal disputes with both the Securities and Exchange Commission (SEC) and the New York Attorney General over allegations of unregistered securities offerings. Additionally, the company has been linked to the now-bankrupt entities Three Arrows Capital and Alameda Research, which have been central to broader industry upheavals.
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Source: Cryptocurrency - investing.com
