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Genesis Has Ceased All Crypto Trading Services: Spokesperson
Company was hit hard by the collapses of Three Arrows Capital and FTX.
By Nick Baker
Updated Sep 14, 2023, 6:38 p.m. Published Sep 14, 2023, 4:11 p.m.
Genesis, the crypto-trading business walloped by last year’s collapse of Three Arrows Capital and FTX, has ceased all trading operations, according to a spokesperson.
It emerged last week that the company was shutting its U.S. desk, but the international spot and derivatives trading operations are also closing, the spokesperson said.
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“Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI),” the statement reads. “This decision was made voluntarily and for business reasons. With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.”
Genesis is, like CoinDesk, owned by Digital Currency Group.
When Genesis’ lending division filed for bankruptcy protection in January, the trading business was kept out of that process. But industry conditions have worsened since then. Genesis was a major player before the trouble began last year, providing trading services to institutional clients.
Read more: Coinbase Creates New Crypto Lending Service Geared Toward Large Investors
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