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Genesis Has Ceased All Crypto Trading Services: Spokesperson
Genesis, the crypto-trading business hit hard 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.
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“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.
Read more: Coinbase Creates New Crypto Lending Service Geared Toward Large Investors
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The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Nick Baker is CoinDesk’s deputy editor-in-chief. He owns less than $1,000 combined of BTC and ETH.
