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Genesis Global set to quit crypto spot trading business

genesis-global-set-to-quit-crypto-spot-trading-business
Edited by
News
Genesis Global set to quit crypto spot trading business

Genesis Global Trading, an affiliate of Digital Currency Group (DCG), plans to cease its crypto spot trading operations this month due to undisclosed “business reasons.”

This voluntary decision stems from a series of business considerations and follows the January bankruptcy filing of another DCG affiliate, Genesis Global Holdco, specializing in cryptocurrency lending services. 

Per the Bloomberg report, Genesis Global Trading will cease the spot trading service on Sept. 18. The firm claims to collaborate with the authorities to ensure an orderly closure of the spot trading business. 

Despite this cessation, the company affirmed that its spot and derivatives trading services will continue without disruption. Genesis Global operates these services through GGC International, a trading firm registered in the British Virgin Islands.

Notably, Genesis Global Trading holds a New York State Department of Financial Services license. The license authorizes its engagement in virtual currency business activities. 

Moreover, this decision to discontinue its spot trading endeavors adds to the challenges faced by Barry Silbert’s DCG and its subsidiaries. DCG witnessed an operational loss of over $1 billion last year amid the mounting challenges and market turmoil.

Recall that U.S.-based crypto platform Gemini filed a lawsuit against DCG and Silbert in July with allegations of fraudulent activities. The case came up three days after Gemini gave DCG an ultimatum to repay the $1.46 billion debt it owes to Gemini’s Earn customers.

Digital Currency Group is also facing a lawsuit from bankrupt crypto firm FTX and a securities class action from creditors of Genesis, its subsidiary. In addition to these challenges, CoinDesk, another DCG subsidiary, has been put up for acquisition.