Genesis Global Trading to wind down crypto spot trading

GGT is ‘working closely with regulatory authorities’ to discontinue services

article-image

CryptoFX/Shutterstock modified by Blockworks

share

Genesis Global Trading (GGT) will shutter its crypto spot trading operations in September.

A spokesperson for Genesis, which is a subsidiary of Barry Silbert’s Digital Currency Group, said that the decision was made “voluntarily and for business reasons.”

“We are working closely with regulatory authorities to coordinate an orderly discontinuation of services,” the spokesperson continued. 

GGT is based in New York and offers over-the-counter market-making services in digital assets. According to the website, it’s licensed with the New York Department of Financial Services, the Financial Industry Regulatory Authority, and the US Securities and Exchange Commission.

However, both spot and derivatives trading through GGC International Limited will still be “operational.” 

GGC is a British Islands company “wholly owned by Genesis Bermuda Holdco Limited,” according to the Genesis Trading site.

Genesis Trading released a quarterly report for the second quarter of this year, noting that “spot market liquidity” had been “suffering” and that, with “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.”

Though it also noted that “the buy-side continues to trade opportunistically in the spot and derivatives market, specifically with a tilt toward exchange-cleared venues and a selective approach to OTC activity with reliable and trusted partners.”

Another Genesis-linked company, Genesis Global Holdco, filed for bankruptcy at the start of the year, though GGT was able to avoid the bankruptcy. All companies are indirectly linked back to DCG. 

DCG, a venture capital firm, has encountered its fair share of hurdles this year. It missed a $630 million debt payment to Gemini back in May and now faces a lawsuit from Gemini.

Gemini alleged both DCG and Silbert “engaged in a fraudulent scheme to induce a variety of depositors, including Gemini users,” in order to “lend huge amounts of cryptocurrency and US Dollars to DCG’s subsidiary Genesis Global Capital.”


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

Institutional staking providers specialize in offering secure, compliant, and scalable solutions for organizations, asset managers, and individuals who wish to stake large volumes of digital assets. Staking-as-a-Service Providers (SaaSPs) act as intermediaries, running blockchain nodes and managing the technical complexities of staking on behalf of clients, often providing custody, reporting, and yield optimization features across a broad range of assets and networks.

article-image

The deal seeks to boost CoinShares’ US expansion and integrates Bastion’s quantitative strategies into its digital asset platform

by Blockworks /
article-image

The defense argues DOJ is criminalizing open-source code and violating First Amendment protections in landmark crypto case

by Blockworks /
article-image

One issuer reported “high conviction” Solana ETFs would be approved in the first half of October

article-image

Should Congress not pass a budget, the SEC will be operating with a skeleton staff starting Wednesday

article-image

Stablecoin, DePIN and robo-advisor teams made the finals

article-image

EF report maps eight factions within the ecosystem, warning that short-term pragmatism is eclipsing the protocol’s founding vision