Crypto Broker Genesis' CEO Tells Clients It Needs More Time to Sort Out Finances

Genesis halted withdrawals in November in aftermath of FTX's collapse.

AccessTimeIconJan 4, 2023 at 2:34 p.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC

The interim CEO of Genesis Global Trading, the cryptocurrency brokerage and lender forced to halt withdrawals in November, said it needs more time to sort out its tricky financial position.

"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Derar Islim wrote in a letter sent to clients on Wednesday.

Genesis and CoinDesk share the same parent company, Digital Currency Group (DCG).

In wake of the FTX collapse in November, Genesis locked up $900 million of funds from clients of retail crypto brokerage Gemini. Amid reports of an imminent solution or even a bankruptcy filing, Genesis in early December said some sort of resolution would likely be a matter of "weeks" rather than days.

Stakes were upped a bit more on Monday of this week, when Gemini co-founder Cameron Winklevoss blasted DCG CEO Barry Silbert for "bad faith stall tactics."


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Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

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