Genesis Has Ceased All Crypto Trading Services: Spokesperson

Company was hit hard by the collapses of Three Arrows Capital and FTX.

AccessTimeIconSep 14, 2023 at 4:11 p.m. UTC
Updated Sep 14, 2023 at 6:38 p.m. UTC

Genesis, the crypto-trading business walloped by last year’s collapse of Three Arrows Capital and FTX, has ceased all trading operations, according to a spokesperson.

It emerged last week that the company was shutting its U.S. desk, but the international spot and derivatives trading operations are also closing, the spokesperson said.

  • How Crypto Markets Reacted to Trump's Assassination Attempt
    22:08
    How Crypto Markets Reacted to Trump's Assassination Attempt
  • Trump's Odds of Victory Hit All-Time High on Polymarket After Shooting; Alexey Pertsev Denied Bail
    02:05
    Trump's Odds of Victory Hit All-Time High on Polymarket After Shooting; Alexey Pertsev Denied Bail
  • Spain National Fan Token Slides After UEFA Euro 2024 Win
    00:52
    Spain National Fan Token Slides After UEFA Euro 2024 Win
  • How NFTs Can Revolutionize Athlete Legacies and Fan Experiences
    13:26
    How NFTs Can Revolutionize Athlete Legacies and Fan Experiences
  • “Genesis has decided to stop offering digital asset spot and derivatives trading through GGC International, Ltd. (GGCI),” the statement 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.”

    Genesis is, like CoinDesk, owned by Digital Currency Group.

    When Genesis’ lending division filed for bankruptcy protection in January, the trading business was kept out of that process. But industry conditions have worsened since then. Genesis was a major player before the trouble began last year, providing trading services to institutional clients.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Nick Baker

    Nick Baker is CoinDesk’s deputy editor-in-chief and a Loeb Award winner. His crypto holdings are below CoinDesk's $1,000 disclosure threshold.


    Read more about