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Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company\u2019s crypto lender, Genesis Global Capital, declared bankruptcy in January.\u00a0<\/p>\n
The GGT trading shutdown is voluntary, Bloomberg reported, quoting a company spokesman as saying:<\/p>\n
\u201cThis decision was made voluntarily and for business reasons. We are working closely with regulatory authorities to coordinate an orderly discontinuation of services.\u201d<\/p><\/blockquote>\n
GGT began trading in 2013, according to its website. It is registered by the New York State Department of Financial Services. The DCG-affiliated GGC International will continue offering spot and derivatives trading services, Bloomberg said. <\/p>\n
Related: Winklevoss slams DCG\u2019s Silbert \u2014 Not even SBF was \u2018capable of such delusion\u2019<\/em><\/strong><\/p>\n
Genesis Global Capital filed for Chapter 11 bankruptcy on Jan. 19, a week after the United States Securities and Exchange Commission (SEC) charged it with offering unregistered securities through its Earn program. A week before that, it had laid off 30% of its staff, and in November, it\u00a0suspended withdrawals. It blamed the collapse of Three Arrows Capital for the last move. Genesis had also reportedly suffered losses in the collapse of FTX.<\/p>\n
\nGenesis Global Trading, an affiliate of Barry Silbert\u2019s Digital Currency Group, will wind down its crypto spot trading service as of Sept. 18 for \u201cbusiness reasons\u201d https:\/\/t.co\/tMIvk1ubcG<\/p>\n