According to a September 14 report, Genesis will soon close all of its services.
According to a Genesis spokesperson:
“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.”
Genesis with it’s Decision
The representative went on to say that Genesis made this decision “voluntarily and for business reasons,” implying that regulatory interference was not a factor.
Previously, on September 5, Genesis announced the closure of its over-the-counter (OTC) trading desk for US clients. According to a Genesis representative, the latest statement covers the company’s foreign services.
Nonetheless, some reports cite an email to consumers indicating that Genesis will honour open derivatives positions until they expire. The company also states that it will facilitate transactions required to manage or close any open positions.
Genesis’ Worldwide Services
Genesis’ worldwide services will be discontinued on September 21. Its US desk will close on September 18; trades must be finalised by September 21, and accounts will be closed on September 30.
DCG’s broader challenges
Genesis’ crypto lending business previously suspended withdrawals in November 2022; this also applied to the Earn feature, which it provides in collaboration with Gemini.
Genesis’ loan section declared bankruptcy shortly after, while the company’s operations were not completely shut down.
To read our blog on “Price of Bitcoin may hit $100,000 without U.S. spot ETF,” click here
