Last Updated on September 6, 2023 by Bitfinsider
A Genesis-owned cryptocurrency trading firm is closing down.
Genesis Global Trading indicated in an email to clients that it will close its over-the-counter trading platform on September 18 and liquidate any remaining accounts on September 30, according to CoinDesk. Users must complete deals by September 21.
The shutdown was attributed to a voluntary business choice. GGC International Limited, another Genesis subsidiary, will continue to provide spot and derivative trading services.
According to the firm’s website, Genesis Global Trading’s spot business traded over $116.5 billion in spot volume, with more than 100 digital currencies traded among over 1,000 institutional trading participants. Genesis Global, its parent firm, filed for Chapter 11 bankruptcy protection in January of this year after laying off 30% of its workforce.
Genesis Global Trading had $14.6 billion in active loans at its peak in March 2022. Since then, the value has dropped by 80.8% to $2.8 billion in September of the same year. The company stopped making new loans in November of 2022.
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