Genesis Global to stop cryptocurrency trading services

Genesis Global to stop cryptocurrency trading services

The crypto platform is cutting off the service 10 months after announcing its removal

Genesis Global Capital announced this past January that it was ending its crypto spot trading services without giving more details. The crypto lending firm will no longer offer spot and derivatives trading via its Genesis Global Capital (GGC) international arm in the British Virgin Islands.

A Genesis spokesperson released a statement on September 14 saying the firm would be winding down the service through all entities “voluntarily and for business reasons.”

The move comes after Genesis Global Trading announced it was eliminating crypto spot trading under similar circumstances, i.e., “voluntarily and for business reasons.” At the time, GGC’s international arm was still offering spot and derivatives trading.

GGC cited “unprecedented market turmoil” when it stopped withdrawals in November last year. January reports indicated the firm may have laid off up to 30% of its staff before filing in New York for Chapter 11 bankruptcy protection. The Securities and Exchange Commission then charged Gemini and Genesis with offering unregistered securities.

DGC is Grayscale Investments’ parent company, with the bankruptcy filing and other legal problems between the DCG subsidiaries and crypto firms causing rifts in the crypto trading industry over the past year. Genesis blamed the collapse on FTX’s failure, which caused Three Arrows Capital to suffer significant losses.

DCG revealed in August that it had reached an “agreement in principle” with Genesis, which lets creditors recover most of their funds. Genesis lenders subsequently described it as a “wholly insufficient” deal, with the firm reportedly owing its top 50 creditors about $3.5 billion.

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