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Genesis Global Trading, an affiliate of Digital Currency Group (DCG), plans to cease its crypto spot trading operations this month due to undisclosed “business reasons.” 
This voluntary decision stems from a series of business considerations and follows the January bankruptcy filing of another DCG affiliate, Genesis Global Holdco, specializing in cryptocurrency lending services.&nbsp; 
Per the Bloomberg <a href="https://www.bloomberg.com/news/articles/2023-09-05/barry-silbert-s-crypto-firm-genesis-to-shutter-us-entity-s-trading-services?in_source=embedded-checkout-banner" target="_blank" rel="noopener noreferrer nofollow">report</a>, Genesis Global Trading will cease the spot trading service on Sept. 18. The firm claims to collaborate with the authorities to ensure an orderly closure of the spot trading business.&nbsp; 
 You might also like: <a href="https://crypto.news/gemini-filed-an-opposition-to-genesiss-bankruptcy-plan/" rel="noopener noreferrer nofollow"> Gemini filed an opposition to Genesis’s bankruptcy plan </a> 
Despite this cessation, the company affirmed that its spot and derivatives trading services will continue without disruption. Genesis Global operates these services through GGC International, a trading firm registered in the British Virgin Islands. 
Notably, Genesis Global Trading holds a New York State Department of Financial Services license. The license authorizes its engagement in virtual currency business activities.&nbsp; 
Moreover, this decision to discontinue its spot trading endeavors adds to the challenges faced by Barry Silbert’s DCG and its subsidiaries. DCG <a href="https://crypto.news/dcg-records-over-1b-loss-in-2022-amid-crypto-collapses/" rel="noopener noreferrer nofollow">witnessed</a> an operational loss of over $1 billion last year amid the mounting challenges and market turmoil. 
Recall that U.S.-based crypto platform Gemini <a href="https://crypto.news/gemini-files-lawsuit-against-dcg-and-barry-silbert-alleging-fraudulent-activities/" rel="noopener noreferrer nofollow">filed</a> a lawsuit against DCG and Silbert in July with allegations of fraudulent activities. The case came up three days after Gemini <a href="https://crypto.news/gemini-gives-dcg-a-1-46b-debt-repayment-ultimatum/" rel="noopener noreferrer nofollow">gave</a> DCG an ultimatum to repay the $1.46 billion debt it owes to Gemini’s Earn customers. 
Digital Currency Group is also facing a <a href="https://crypto.news/ftx-sues-grayscale-and-dcg-citing-mismanagement/" rel="noopener noreferrer nofollow">lawsuit</a> from bankrupt crypto firm FTX and a securities <a href="https://crypto.news/dcg-and-barry-silbert-hit-with-securities-lawsuit/" rel="noopener noreferrer nofollow">class action</a> from creditors of Genesis, its subsidiary. In addition to these challenges, CoinDesk, another DCG subsidiary, has been put up for acquisition. 
 Read more: <a href="https://crypto.news/dcg-and-genesis-reach-landmark-settlement-over-bankruptcy/" rel="noopener noreferrer nofollow"> DCG and Genesis reach landmark settlement over bankruptcy </a>

Genesis Global set to quit crypto spot trading business

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