Genesis Global Trading Discontinues Global Trading Services
Genesis Global Trading, a major player in the cryptocurrency trading industry, has announced the discontinuation of its global trading services. This decision comes after the bankruptcy filing of Genesis Global Holdco, a related entity within the same digital-asset conglomerate.
Genesis Sunsets Global Trading Services
All trading services offered by Genesis, including spot and derivatives transactions facilitated through GGC International Ltd, will be closed. GGC International Ltd is a British Virgin Islands company owned by Genesis Bermuda Holdco Ltd.
“Voluntarily and for business reasons.”
The closure of US trading services was announced earlier in September. Genesis, affiliated with Digital Currency Group, was a prominent derivatives trading desk and had handled $116.5 billion in spot trading since its establishment in 2013.
However, Genesis Global Holdco’s bankruptcy filing in January led to a lawsuit initiated by Genesis Global Capital against Digital Currency Group for unpaid loans amounting to approximately $630 million.
Genesis alleges that it extended multiple loans to Digital Currency Group in Bitcoins (BTC), which remain unpaid despite reaching their maturity date. The closure of Genesis Global Trading’s services coincides with concerns about the bankruptcy plan, with Gemini exchange disputing its lack of clarity and crucial information for creditors.
Hot Take: Genesis Global Trading Shuts Down Amidst Bankruptcy and Disputed Plan
Genesis Global Trading’s decision to discontinue its global trading services marks the end of an era for the once-dominant player in the cryptocurrency trading industry. The closure follows the bankruptcy filing of its related entity, Genesis Global Holdco, earlier this year.
While Genesis is working with regulatory authorities to ensure an orderly cessation of services, concerns have been raised about the bankruptcy plan. Gemini exchange has disputed the plan, citing a lack of clarity and essential information for creditors. The closure of Genesis’ trading services highlights the challenges faced by the company amidst legal battles and financial difficulties.
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