$8 million penalty to NYDFS – and another case of over-retention
Data Protection Report
JANUARY 18, 2024
On January 3, 2024, the New York Department of Financial Services announced a consent order with GGT, where GGT agreed to pay NYDFS $8 million and to surrender its BitLicense (for cryptocurrency trading), due to alleged violations of NYDFS’ cybersecurity and its virtual currency regulations.
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