Gemini

Read

<div class="cryptonews"> 
 <p class="is-style-lead">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.”</p> 
 <p>This voluntary decision stems from a series of <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> considerations and follows the January bankruptcy filing of another DCG affiliate, Genesis Global Holdco, specializing in <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency lending services.&nbsp;</p> 
 <p>Per the Bloomberg report, 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;</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Gemini filed an opposition to Genesis’s bankruptcy plan 
 </div> 
 <p>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.</p> 
 <p>Notably, Genesis Global Trading holds a New York State Department of Financial Services license. The license authorizes its engagement in virtual currency <a rel="noopener noreferrer nofollow" title="business" href="https://thebittimes.com/tag/business.html">business</a> activities.&nbsp;</p> 
 <p>Moreover, this decision to discontinue its spot <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> endeavors adds to the challenges faced by Barry Silbert’s DCG and its subsidiaries. DCG witnessed an operational loss of over $1 billion last year amid the mounting challenges and market turmoil.</p> 
 <p>Recall that U.S.-based <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> platform Gemini filed a lawsuit against DCG and Silbert in July with allegations of fraudulent activities. The case came up three days after Gemini gave DCG an ultimatum to repay the $1.46 billion debt it owes to Gemini’s Earn customers. </p> 
 <p>Digital Currency Group is also facing a lawsuit from bankrupt <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> firm FTX and a securities class action from creditors of Genesis, its subsidiary. In addition to these challenges, CoinDesk, another DCG subsidiary, has been put up for acquisition.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> DCG and Genesis reach landmark settlement over bankruptcy 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-global-set-to-quit-crypto-spot-trading-business-tbt61734.html">https://thebittimes.com/genesis-global-set-to-quit-crypto-spot-trading-business-tbt61734.html</a></p>

Genesis Global set to quit crypto spot trading business

TheBitTimes

Other articles published on Sep 6, 2023

Tethereum's Successful Audit by Reputed Auditor Assure-Defi: The Significance of Audits in Crypto...

The Golden Cross Explained: How To Spot Bullish Trends In Cryptocurrency

Tether Vaults to 22nd Global Buyer in US T-Bills, Outshining UAE, Mexico, Australia, Spain…

Bitcoin stabilizes after drop; bulls confident on Borroe’s prospects

US Congress Returns to Full Agenda with Crypto in Focus

Shiba Inu (SHIB) Price Analysis Sept: 90% Price Surge, How SHIB Could Skyrocket to $0.000014

Join our free newsletter for daily crypto updates!