Genesis Halts Crypto Trading Services: Official Statement
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.