Genesis no longer offering trading services through any business units: memo

by MK Manoylov and Frank Chaparro

Companies • September 14, 2023, 10:59AM EDT

Published 1 minute earlier on

UPDATED: September 14, 2023, 11:28AM EDT

The Block

Quick Take

Genesis will halt digital asset derivatives trading through GGC International.
The company said it no longer offers trading services through any of its business entities.

The digital asset financial firm Genesis is halting digital asset derivatives trading through GGC International, the company said in an email to clients that was reviewed by The Block.

Genesis said the move means it will no longer offers trading services through any of its business entities. It said the decision "was made voluntarily and for business reasons."

"If you have open derivatives positions with GGCI, these positions will be honored through expiry, and we will support transactions with you that close or help you manage any such open positions," Genesis wrote in the email.

The termination will be effective as of Sept. 21 at 5:00 pm ET.

GGCI, owned by Genesis Bermuda Holdco, facilitated the firm's spot trading activity.

Genesis's shrinking services

Genesis halting its digital asset derivative trading through GGCI comes nearly two weeks after the firm shuttered Genesis Global Trading's over-the-counter platform on Sept. 5.

A Genesis spokesperson confirmed the contents of the memo when contacted by The Block.

Updated with a response from Genesis.

About Authors

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].