Share this article
Crypto Broker Genesis' CEO Tells Clients It Needs More Time to Sort Out Finances
Genesis halted withdrawals in November in aftermath of FTX's collapse.
Updated May 9, 2023, 4:05 a.m. Published Jan 4, 2023, 2:34 p.m. 1 min read
The interim CEO of Genesis Global Trading, the cryptocurrency brokerage and lender forced to halt withdrawals in November, said it needs more time to sort out its tricky financial position.
"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Derar Islim wrote in a letter sent to clients on Wednesday.
Genesis and CoinDesk share the same parent company, Digital Currency Group (DCG).
In wake of the FTX collapse in November, Genesis locked up $900 million of funds from clients of retail crypto brokerage Gemini. Amid reports of an imminent solution or even a bankruptcy filing, Genesis in early December said some sort of resolution would likely be a matter of "weeks" rather than days.
Stakes were upped a bit more on Monday of this week, when Gemini co-founder Cameron Winklevoss blasted DCG CEO Barry Silbert for "bad faith stall tactics."
Read more: Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources
More For You
Wall Street's clearing giant chose a public blockchain with compliance tools built for regulated assets, Stellar Development Foundation CEO Denelle Dixon said.
What to know:
- U.S. clearing giant DTCC picked Stellar as the first public blockchain to connect to its upcoming tokenized securities settlement platform.
- The partnership builds on an almost decade-long partnership with Securrency, now DTCC Digital Assets, which worked with Stellar to embed compliance tools such as clawbacks, transfer restrictions and identity controls...
Top Stories
