Genesis to ‘voluntarily’ close trading services across all business entities

The company cites “business reasons” for no longer offering trading services via its British Virgin Islands-based subsidiary, according to a Thursday memo to clients

article-image

Artsaba Family/Shutterstock modified by Blockworks

share

Crypto firm Genesis is set to wind down spot and derivatives trading done through its British Virgin Islands-based affiliate — meaning it will no longer offer such services across any business units.

Genesis, a subsidiary of Digital Currency Group, has historically offered trading services via GGC International Limited (GCCI).

GGCI, which is owned by Genesis Bermuda Holdco Limited, “carries out spot trading activity and enters into derivatives referencing digital assets as a principal,” according to Genesis Trading’s website.

The company will stop offering such trading through GCCI, effective immediately, according to a Thursday memo to clients obtained by Blockworks. It is also set to stop providing spot trading done through the subsidiary on Sept. 21. 

Open derivatives positions with GGCI will be honored through expiry, the memo states. 

A Genesis spokesperson confirmed the memo’s contents in an email to Blockworks. 

“This decision was made voluntarily and for business reasons,” the representative said. “With this termination of services from GGCI, Genesis no longer offers trading services through any of its business entities.”

The move comes about a week after US-based Genesis Global Trading said it would stop its crypto spot trading operations this month — a decision also done “voluntarily and for business reasons,” according to a spokesperson. 

The firm noted at the time that spot and derivatives trading through GGC International Limited would still be “operational.” 

“With spot market liquidity suffering and spot order book depth chronically flagging, it has become increasingly apparent that a significant portion of the future growth of crypto volumes will be in derivatives,” a second quarter report by Genesis stated.  


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. What you can expect: And more! Don’t miss out on the opportunity to be in the room when the future of crypto is decided. Join us and help shape the future of our […]

recent research

Research report - cover graphics-2.jpg

Research

Base has doubled-down on its commitment to the Superchain vision, has shown early signs of success with nearly $400M in TVL, and has become home to novel dapps such as friend.tech which has seen significant traction.

article-image

Certain creditors could be repaid sooner, with one hedge fund exec telling Blockworks it expects a payout by the end of the year

article-image

Busan is South Korea’s second largest city with a population around 3.4 million

article-image

Cyprus granted eToro crypto registration, setting the groundwork for the company to operate crypto services post-MiCa rollout

article-image

Sponsored

These are the best tools and practices you can leverage to defend against crypto market volatility

article-image

The agency alleges around 1,160 customers used the margin product, losing about $8.35 million since Oct. 2021.

article-image

On Thursday, the Securities and Futures Commission issued a statement disavowing any communication with JPEX saying that the platform is unlicensed