Bankrupt crypto lending platform Genesis is shutting down all spot and derivative activities it offers for cryptocurrencies.
Genesis, one of the leading actors in the cryptocurrency market, to the end of the road came. In the statement made by the company spokesperson, GGC International (GGCI) offered through All spot and futures transactions It was stated that it would be stopped.
With the implementation of this decision, Genesis became a company that does not provide cryptocurrency trading services through any organization. zombie company will transform. According to the company’s statement, the termination process with CGCI 21 September will take place on the day.
Genesis’ US-based operations, company spokesman last week He emphasized that it has ended, but that the global closure is a new development.
on GGCI To users with open positions The Genesis team stated that positions can continue until their maturity periods expire:
Genesis has decided to stop offering all cryptocurrency spot and derivatives transactions offered through GGCI. This decision was taken voluntarily and for commercial reasons. With the termination of these services from GGCI, Genesis no longer offers trading services through any of its trading entities. If you have open futures positions with GGCI, these positions will continue until expiration.
Genesis, which was heavily damaged by the chain of bankruptcies last year, especially the cryptocurrency exchange FTX When it sank, it was left under unbearable debris. Genesis had sued its parent company, Digital Currency Group (DCG), over unpaid loans worth over $600 million.