Genesis Global Trading sunsets crypto spot trading platform: CoinDesk
Quick Take
- Genesis Global Trading will stop its OTC trading platform on Sept. 18 and close any remaining accounts on Sept. 30.
- Users must settle trades by Sept. 21.
A Genesis-owned crypto trading operation is coming to an end.
In an email to clients, Genesis Global Trading announced that it will shutter its over-the-counter trading platform on Sept. 18 and close any remaining accounts on Sept. 30, CoinDesk reported. Users must settle trades by Sept. 21.
The reason for the closure was cited as a voluntary business decision. Another Genesis subsidiary, GGC International Limited, will carry on with its spot and derivative trading services.
Genesis Global Trading's spot business
Genesis Global Trading's spot business traded over $116.5 billion in spot volume, with more than 100 digital currencies traded among over 1,000 institutional trading parties, according to the firm's website. Its parent company, Genesis Global, filed for Chapter 11 bankruptcy protection after laying off 30% of its staff in January of this year.
At its height, Genesis Global Trading held $14.6 billion in active loans in March of 2022, The Block's Data Dashboard shows. That figure has since fallen 80.8% to $2.8 billion in September of the same year. The firm stopped originating new loans in November of 2022.
Genesis Global Trading did not immediately respond to The Block's request for comment.
Updated with the dates regarding Genesis Global Trading's active loans.
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