Genesis Shuts Down Crypto Trading Services
After Genesis announced in January that it was shutting down its spot trading services, the community has demanded more clarity from the company. In a recent statement, Genesis and its parent company Digital Currency Group announced the voluntary closure of the services.
In a Sept. 14 statement, Genesis said it is shutting down its digital asset trading services across all of its divisions. The decision follows the announcement by Genesis Global Trading, a division of Genesis that was not covered by the bankruptcy proceedings, that it would cease providing cryptocurrency spot trading services for commercial reasons. Meanwhile, Genesis Global Capital, the international division through which Genesis conducted its spot trading activities, still continued to provide services.
Amid the general cryptocurrency turmoil, GGC suspended withdrawals in November 2022. In January, the company was rumored to have laid off 30% of its staff and then filed for Chapter 11 bankruptcy.
Parent company DCG has since been dealing with the fallout from a string of problems experienced by its divisions. In August, the company offered Genesis' affected creditors an agreement in principle. However, creditors called the deal insufficient, and the main affected creditor, Gemini, has sued Genesis and DCG. According to some reports, the total amount owed to creditors is $3.5 billion.