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Genesis to Shutter Crypto Trading Desk for U.S. Market
The subsidiary had escaped parent company Genesis Global's lending-induced bankruptcy.
By Danny Nelson
Updated Sep 7, 2023, 10:23 a.m. Published Sep 5, 2023, 4:27 p.m.
Genesis’ U.S.-focused spot crypto trading business will shut down later this month, a move that may affect Genesis' restructuring process, an email sent to clients Tuesday shows.
Genesis Global Trading (GGT) will close its over-the-counter trading platform on Sept. 18. All trades must be settled by Sept. 21 and all remaining open accounts will be closed end of day on the 30th. “The decision was made voluntarily and for business reasons,” the email said.
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Sunsetting GGT's U.S. spot-trading operations is "likely" to affect Genesis' restructuring by potentially kneecapping the company's ability to pay back its creditors, Andrew Rossow, an attorney and CEO of AR Media, told CoinDesk.
"Between the shutting down of this part of [its subsidiary's] business and its pending lawsuit against DCG...the biggest question is how [Genesis can] prioritize which creditors to pay back and how quickly it can be done," Rossow said.
GGT was one of a handful of Genesis-linked companies that escaped the conglomerate’s crypto lending-induced bankruptcy earlier this year. Another trading-focused wing, GGC International Limited, will continue to run its spot and derivative trading services, the email said.
Genesis is owned by DCG, as is CoinDesk.
UPDATE (Sept. 5, 2023, 16:57 UTC): Adds U.S. focus.
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