The cryptocurrency lending company was fined 8 million dollars! What is the matter?

Although Genesis was not directly involved in the legal battles, it announced the closure of its trading platform in September 2023 due to the pare company's defeat in court. After the closure, the company was investigated.
New York's Departme of Financial Services found that Genesis did not conduct advanced screening of employees and third-party service providers as required by the Treasury Departme. Inadequate cyber security measures, including failure to review and approve annual policies and inadequate protection of sensitive data and non-public personal information, were also ideified by this departme. As a result, the company has agreed to pay $8 million in fines as part of the settleme.
According to Fortune, this relatively small amou reflects Genesis' cooperation during the investigation and its efforts to update its programs. However, Genesis has also agreed to cease all services in New York and surrender its BitLicense.