Genesis closes the door of its U.S. crypto trading desk

<img width="250" height="187" src="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-250×187.jpg" class="webfeedsFeaturedVisual wp-post-image" alt="" decoding="async" style="float: left; margin-right: 5px;" link_thumbnail="" srcset="https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-250×187.jpg 250w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-700×525.jpg 700w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-768×576.jpg 768w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-120×90.jpg 120w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-245×184.jpg 245w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716-500×375.jpg 500w, https://www.leaprate.com/wp-content/uploads/2023/09/FIN-LP-Genesis-closes-the-door-of-its-US-crypto-trading-desk-5112958621iStock-1433779716.jpg 1183w" sizes="(max-width: 250px) 100vw, 250px" /><p><span data-contrast="auto">The communication stated that the Genesis Global subsidiary would discontinue all over-the-counter operations and notified customers that all trades must be settled by the said date. GGT also indicated it would close all open accounts come the end of the month.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">In an official statement, GGT maintained voluntary business strategies and moves motivated this decision. Reportedly, GGC International Limited, another crypto trading platform associated with Genesis Global, will operate GGT’s spot and derivatives trading services in future.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">Claims that the now-bankrupt Genesis Global owed FTX billions are among the headaches faced by this application development platform. The two companies reached an agreement in principle (API) to resolve this legal issue. Previous reports detail that, as part of the settlement, FTX accepted a Genesis Global payment of $175m to Alameda Research, an FTX affiliate hedge fund.</span></p>
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<p><span data-contrast="auto">Other obstacles include an ongoing Gemini lawsuit against Genesis Global and its founder, Barry Silbert. Gemini accuses them of fraudulent asset lending activities on a jointly operated platform. This platform offered up to 8% interest on investments but ceased customer withdrawals when Genesis Global went belly-up.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p><span data-contrast="auto">Notably, both Genesis Global and Gemini faced legal heat from the U.S. Securities and Exchange Commission. The regulator claimed they peddled unregistered securities through crypto lending products.</span><span data-ccp-props="{&quot;201341983&quot;:0,&quot;335559739&quot;:160,&quot;335559740&quot;:259}"> </span></p>
<p>The post <a rel="nofollow" href="https://www.leaprate.com/news/genesis-closes-the-door-of-its-u-s-crypto-trading-desk/">Genesis closes the door of its U.S. crypto trading desk</a> appeared first on <a rel="nofollow" href="https://www.leaprate.com">LeapRate</a>.</p>

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