Genesis Ends All Crypto Trading Services Amidst Three Arrows Capital and FTX Fallout
Genesis, the crypto-trading firm that endured significant setbacks following the collapses of Three Arrows Capital and FTX last year, has decided to halt all its trading operations, as confirmed by a company spokesperson.
Although it was reported last week that the company was closing its U.S. desk, the spokesperson disclosed that international spot and derivatives trading operations would also be terminated.
The official statement from Genesis regarding the cessation of digital asset spot and derivatives trading through GGC International, Ltd. (GGCI) 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.”
It’s worth noting that Genesis shares an ownership connection with CoinDesk, both being part of Digital Currency Group.
Genesis’ lending division had filed for bankruptcy protection in January, but at that time, the trading business remained unaffected. However, industry conditions have continued to deteriorate since then. Genesis had previously been a prominent player, providing trading services to institutional clients before encountering troubles last year.