Genesis Global Trading to wind down crypto spot trading

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


CryptoFX/Shutterstock modified by Blockworks


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.”

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


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


BUZZ holds shares of Coinbase, Robinhood and MicroStrategy


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit