Genesis Trading – the trading arm of crypto VC giant Digital Currency Group (DCG) – is set to shutter its trading operations in the United States later this month.

The suspension comes after DCG’s crypto lending firm – Genesis Global Holdco – filed for bankruptcy in January.

Why End U.S. Trading?

As reported by Bloomberg, a spokesperson for Genesis said that the company is winding down its U.S. trading service for “business reasons.”

“This decision was made voluntarily and for business reasons,” the spokesperson said. “We are working closely with regulatory authorities to coordinate an orderly discontinuation of services.”

After the firm’s lending arm fell earlier this year, DCG had claimed that its trading operation would “continue to operate business as usual.”

In an email to clients on Tuesday, Genesis said that all of its client’s trades must be settled by September 21. Any remaining open accounts will be closed on September 30.

According to the company’s website, Genesis launched the world’s first Bitcoin over-the-counter (OTC) trading desk in 2013. It has since evolved into one of the largest in the industry, providing capital and credit products to “the world’s most prominent digital asset projects, networks, and funds.”

At one time, the firm managed $116 billion in spot volume, holding over $14 million in active loans while serving over 1,000 institutional clients. The firm is licensed by the New York Department of Financial Services (NYDFS).

GGC International continues to operate its spot and derivatives trading services.

Numerous other crypto firms including Nexo and Bittrex have abandoned the United States over the past year due to regulatory pressures.

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