• Home
  • Latest News
  • Genesis Halts Crypto Trading Services: Official Statement

Genesis Halts Crypto Trading Services: Official Statement

Latest News
Sep 15, 2023 at 11:28 am

Following the setbacks endured by Three Arrows Capital and FTX, Genesis, a notable figure in the cryptocurrency trading industry, has suffered a substantial setback. A spokesperson has confirmed the company's decision to cease all trading operations.

Recent reports indicated the impending closure of Genesis' U.S. desk. However, the spokesperson has now disclosed that both international spot and derivatives trading activities will also be impacted.

According to the official statement from Genesis, "Genesis has chosen to discontinue its provision of digital asset spot and derivatives trading services through GGC International, Ltd. (GGCI)." This decision was made proactively and is based on strategic business considerations. Consequently, Genesis will no longer be involved in providing trading services through any of its affiliated entities.

It's worth noting that while Genesis' lending division sought protection through bankruptcy proceedings in January, the trading arm was intentionally kept separate from that process. However, the industry landscape has since taken a turn for the worse. Genesis, once a dominant force in the field, primarily served institutional clients. Nevertheless, it now confronts a challenging path ahead in the wake of the tumultuous events of the past year.

Read more about

Related News

Sign up for daily crypto news in your inbox

Get crypto analysis, news and updates right to your inbox! Sign up here so you don't miss a single newsletter.