Crypto lender Genesis Global, has agreed to a final judgment imposing a $21 million civil penalty and a permanent injunction as part of a settlement with the US Securities and Exchange Commission (SEC). The settlement resolves charges against Genesis related to the unregistered offer and sale of “securities” through its crypto asset lending program, the […]
In a recent development, Digital Currency Group (DCG), the parent company of bankrupt crypto lender Genesis Capital, has objected to Genesis’ bankruptcy plan, arguing that it violates the Bankruptcy Code. DCG’s objection centers around Genesis’ proposal to pay customers more than they are legally entitled to, a move that DCG believes “unfairly” favors a select group […]
Genesis Global, a Digital Currency Group (DCG) subsidiary, has reached a settlement agreement with the US Securities and Exchange Commission (SEC) to end a civil lawsuit. The regulator accused the bankrupt crypto lender of violating securities rules through its now-terminated Gemini Earn program. Genesis has agreed to pay a $21 million civil penalty as part […]
A recent Fortune Magazine report revealed that the New York Department of Financial Services (DFS) is set to announce a settlement with Genesis Global, a subsidiary of the crypto conglomerate Digital Currency Group (DCG). In a statement shared with Fortune, Superintendent Adrienne Harris expressed concerns about Genesis’ failure to maintain a functional compliance program, stating […]