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• New York Attorney General is currently investigating Digital Currency Group (DCG), over its dealings with subsidiary Genesis Global Capital.
• The probe has not been officially confirmed, nor is it clear whether it will lead to charges.
• DCG has refused to comment on any investigation but said they are working with regulators and investigators.

Investigation of Digital Currency Group by NYAG

The New York Attorney General (NYAG) is currently probing Digital Currency Group (DCG), according to reports from Bloomberg on Aug. 4. In recent months, the regulator has reportedly been investigating DCG over its dealings with its subsidiary Genesis Global Capital. The probe has not yet been officially confirmed, nor is it clear if it will lead to charges.

Details of Investigation

The investigation is said to extend to Genesis’ past chief risk officer, Michael Patchen who left the firm in October 2022. Bloomberg cited two individuals familiar with the investigation as its sources, and none of the involved parties have confirmed the probe’s existence yet either. The NYAG’s office led by Attorney General Letitia James has not announced any such probe officially either.

Response from DCG

DCG refused to comment on whether any probe is underway but said they are working with regulators and investigators concerning this matter. They also stated that they are confident their operations comply with all applicable laws and regulations.

Significance of Investigation

This investigation highlights the attention digital currency firms draw from authorities all around the world given their high-risk nature and potential for money laundering exploitation among other illicit activities carried out using cryptocurrencies or other digital assets like stablecoins .

Conclusion

It remains to be seen how this investigation proceeds further and what action may be taken against DCG after this inquiry is concluded by NYAG’s office if there are sufficient grounds for legal action against them or not.

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