Genesis to halt all trading services by Sept. 21 News โธ US โธ Bankruptcy
Genesis to halt all trading services by Sept. 21
A spokesperson said the company was winding down trading 'voluntarily and for business reasons.'
2 min read
Updated: Sep. 14, 2023 at 9:00 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Genesis will soon close all of its services, according to a Sept. 14 report.
A Genesis spokesperson was on record saying:
“Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI)…With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.”
The spokesperson said further that Genesis made this decision “voluntarily and for business reasons,” which appears to exclude regulatory intervention as a cause.
Previously, on Sept. 5, Genesis said it would shut down its over-the-counter (OTC) trading desk for U.S. clients. By contrast, the latest announcement extends to the company’s international services, according to a Genesis spokesperson.
Still, other reporting quotes an email to customers suggesting that Genesis will honor open derivatives positions until expiry. It also says that the company will support transactions used to manage or close any open positions.
Genesis’ international services will be halted on Sept. 21. Its U.S. desk will be halted on Sept. 18; trades must be settled by Sept. 21, and accounts will be closed on Sept. 30.
Broader issues at DCG
Genesis’ crypto lending service previously shut down withdrawals in November 2022; this extended to the Earn feature that it provided in partnership with Gemini.
Genesis’s lending division entered bankruptcy shortly after that, although bankruptcy status did not extend to all of the company’s operations.
The expanding shutdowns are part of widespread difficulties at Genesis and its parent company, Digital Currency Group (DCG). While Genesis owes more than $3.5 billion to creditors, DCG has been sued by Gemini’s founders. The conflict is also internal: on Sept. 6, Genesis filed a lawsuit claiming that DCG owes it more than $610 million.
DCG’s other subsidiaries have been affected as well. DCG closed two businesses, HQ Digital and TradeBlock, in 2023. Its wallet service, Luno, is reducing U.K. services due to upcoming regulations; Luno also ended interest-bearing features in late 2022.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerageย providing a single point of access for select qualified individuals and global institutional investors.
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.