Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Crypto Exchanges

Genesis Will Be Closing Its Crypto Services By September 21

Hania by Hania
September 15, 2023
in Crypto Exchanges, Bitcoin News
Reading Time: 2 mins read
A A
0
Genesis Will Be Closing Its Crypto Services By September 21
Share on FacebookShare on Twitter
ADVERTISEMENT

Genesis Global Capital declared in January that it would stop offering crypto spot trading “voluntarily and for business reasons” without giving a further explanation.

Genesis, a subsidiary of Digital Currency Group (DCG), is discontinuing offering crypto spot and futures trading in the British Virgin Islands.

Genesis will “voluntarily and for business reasons” discontinue its digital asset trading services across all of its businesses, a representative for the company announced in a statement on September 14. Genesis has been delivering trading services via its overseas affiliate, Genesis Global Capital (GGC), based in the British Virgin Islands.

Genesis Global Trading, another DCG-affiliated firm not in bankruptcy, announced in January that it would stop crypto spot trading “voluntarily and for business reasons.” GGC’s international arm continued to offer spot and derivatives trading at the time.

You May AlsoLike

Gemini To Suspend Services In The Netherlands

Gemini To Suspend Services In The Netherlands

September 29, 2023
SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns

SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns

September 29, 2023

Genesis Is Closing Its US Based Cryptocurrency Trading Desk

Also Read: Genesis Sues DCG (Digital Currency Group), Its Parent Company, For $600 Million

GGC suspended withdrawals in November 2022 due to “unprecedented market turmoil”. According to January reports, the firm may have laid off 30% of its workforce before filing for Chapter 11 bankruptcy in New York. The Securities and Exchange Commission charged Gemini and Genesis with promoting unregistered securities through Gemini’s Earn program.

The bankruptcy, legal, and regulatory entanglements between the numerous DCG subsidiaries and cryptocurrency enterprises — DCG is also the parent company of Grayscale Investments — have caused turmoil in the market over the past year. Genesis blamed its bankruptcy on Three Arrows Capital and disclosed that it suffered losses as a result of the collapse of the crypto exchange FTX.

In August, DCG announced it had signed an “agreement in principle” with Genesis that would allow creditors to get the majority of their funds back. Genesis lenders subsequently described the agreement as “wholly insufficient” as the company apparently owes its top 50 creditors $3.5 billion.

Tags: crypto newsCryptocurrenciesgenesis
Share76Tweet48
ADVERTISEMENT
Previous Post

Crypto Wallets In UAE: Top 7 Picks For 2023 – Your Complete Guide

Next Post

Remitano Exchange Suffers $2.7M Hack, $1.4M of Tether Freeze

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Gemini To Suspend Services In The Netherlands
Crypto Exchanges

Gemini To Suspend Services In The Netherlands

September 29, 2023
SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns
Bitcoin News

SEC Delays Spot Bitcoin ETF Decision For Leading Firms Amid Government Shutdown Concerns

September 29, 2023
FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms
General News

FTX CEO Sam Bankman-Fried Denied Release as October Trial Looms

September 29, 2023
Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide
Crypto Exchanges

Crypto.com And PayPal Set To Dominate PYUSD Trading Worldwide

September 29, 2023
Brazil’s Central Bank To Enforce Stricter Crypto Laws
Bitcoin News

Brazil’s Central Bank To Enforce Stricter Crypto Laws

September 28, 2023
Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges
Crypto Exchanges

Taiwan Enforces Ban On Unregistered Cryptocurrency Exchanges

September 28, 2023
Next Post
Remitano Exchange Suffers $2.7M Hack, $1.4M of Tether Freeze

Remitano Exchange Suffers $2.7M Hack, $1.4M of Tether Freeze

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    199 shares
    Share 80 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Bitcoin (BTC) vs. Worldcoin (WLD) Comparative Study

    192 shares
    Share 77 Tweet 48
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.