<p><strong>Genesis, similarly to other crypto businesses, was hit hard by the FTX collapse last year.</strong></p>
<h2 style="text-align: center;" id="introduction">Introduction</h2>
<p>Genesis, a cryptocurrency trading company, <a href="https://watcher.guru/news/genesis-ceasing-its-crypto-trading-services" target="_blank" rel="noopener noreferrer nofollow">has decided</a> to halt all of its trading operations. This decision comes as a result of significant challenges faced by the company, including the collapses of Three Arrows Capital and FTX. In this article, we will explore the reasons behind Genesis’ decision and its implications.</p>
<h2 style="text-align: center;" id="genesis-shuts-down-u-s-desk">Genesis Shuts Down U.S. Desk</h2>
<p>Last week, Genesis made headlines by announcing the closure of its U.S. trading desk. However, it’s important to note that this closure is just one part of a larger shutdown of its trading services.</p>
<p>In addition to shutting down its U.S. desk, Genesis is also closing its international spot and derivatives trading operations. This means that Genesis will no longer offer trading services through any of its business entities.</p>
<blockquote class="twitter-tweet">
 <p>.<a href="https://twitter.com/GenesisTrading?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@GenesisTrading</a> has ceased all trading operations. The company was hit hard by the collapse last year of Three Arrows Capital and FTX.<a href="https://twitter.com/inkbacker?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@inkbacker</a> reports<a href="https://t.co/1ClU6EvrOk" rel="noopener noreferrer nofollow">https://t.co/1ClU6EvrOk</a></p>
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1702355034204254273?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 14, 2023</a></p>
</blockquote>
<p></p>
<h2 style="text-align: center;" id="genesis-relationship-with-digital-currency-group-dcg">Genesis’ Relationship with Digital Currency Group (DCG)</h2>
<p>Genesis, like CoinDesk, is owned by Digital Currency Group (DCG). Just a day after announcing a repayment plan agreement with DCG, Genesis made the decision to cease its crypto trading services. The collapse of Three Arrows Capital and FTX in the previous year had a substantial impact on the company.</p>
<p>Genesis recently announced a repayment plan agreement with DCG, which is expected to allow creditors to recover between 70% and 90% of their claims. This agreement is a significant development for the company, which had <a href="https://walletinvestor.com/magazine/crypto-lender-genesis-files-for-chapter-11-bankruptcy" target="_blank" rel="noopener noreferrer nofollow">filed for bankruptcy protection</a> earlier in the year, owing $3.4 billion to creditors.</p>
<h2 style="text-align: center;" id="crypto-industry-challenges">Crypto Industry Challenges</h2>
<p>The cryptocurrency industry faced significant challenges in the past year, often referred to as the “crypto winter.” These challenges included the collapse of several major players in the sector, culminating in the revelation of fraudulent activity at cryptocurrency exchange FTX.</p>
<h2 style="text-align: center;" id="genesis-ceo-addresses-the-situation">Genesis CEO Addresses the Situation</h2>
<p>Genesis’ CEO, Derar Islim, acknowledged that finding a solution to the company’s problems requires more time. The decision to discontinue trading services was made in response to these challenges.</p>
<p>According to a statement from Genesis, the company decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI) voluntarily and for business reasons. This decision has far-reaching implications, as Genesis will no longer provide trading services through any of its business entities.</p>
<h2 style="text-align: center;" id="closure-timeline">Closure Timeline</h2>
<p>Genesis Global Capital has set a timeline for the closure of its services. International services will end on September 21, while the U.S. desk will be terminated on September 18. Customers are advised to settle their trades by Thursday next week, as accounts will be closed on September 30.</p>
<h2 style="text-align: center;" id="conclusion">Conclusion</h2>
<p>Genesis’ decision to cease all crypto trading services reflects the challenges faced by the company due to the collapses in the cryptocurrency market. With the closure of its U.S. desk and international trading operations, Genesis marks the end of an era in its trading business.</p>

Genesis Ceases All Crypto Trading Services

Table of Contents

WalletInvestor

Other articles published on Sep 15, 2023

Join our free newsletter for daily crypto updates!