Cryptocurrency trading platform Genesis Global, under DCG, temporarily ceases spot trading operations
In a recent announcement, Genesis Global Trading (GGT), a prominent player in the digital currency market, has decided to voluntarily close its spot crypto trading service as of September 18. This decision was made for business reasons, and it does not signal any new services or changes in the operations of GGT beyond this closure.
GGT, while connected to Digital Currency Group (DCG), was not impacted when Genesis Global Capital, DCG's cryptocurrency lending business, filed for bankruptcy in January. This separation allowed GGT to avoid the financial distress that affected Genesis Global Capital, particularly following the collapse of FTX in November 2022.
Established in 2013, GGT has been registered and licensed by the New York State Department of Financial Services for virtual currency business activity. The company has managed to maintain its operations despite the challenges faced by other entities connected to Genesis.
Customers are advised to complete any pending transactions by September 21. After this date, the trading service will be closed, and any open accounts will be closed by the end of September 30. However, the article does not provide specific updates on the closure of open accounts or the completion of pending transactions.
It's important to note that GGC International Limited, another entity within the Genesis group, will continue to operate its spot and derivative trading services. The reasons behind the continued operation of these services are not detailed in the announcement.
This decision does not indicate any new regulations or changes in the licensing status of GGT by the New York State Department of Financial Services. The article also does not provide any information about the financial status of GGT beyond the closure of its spot crypto trading service.
Genesis Global Trading has been a significant player in the digital currency market, and this decision marks a shift in its operations. Customers are encouraged to complete their transactions promptly to avoid any inconvenience. The company will continue to provide updates as necessary.
