Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company’s crypto lender, Genesis Global Capital, declared bankruptcy in January.
The GGT trading shutdown is voluntary, Bloomberg reported, quoting a company spokesman as saying:
“This decision was made voluntarily and for business reasons. We are working closely with regulatory authorities to coordinate an orderly discontinuation of services.”
GGT began trading in 2013, according to its website. It is registered by the New York State Department of Financial Services. The DCG-affiliated GGC International will continue offering spot and derivatives trading services, Bloomberg said.
Related: Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’
Genesis Global Capital filed for Chapter 11 bankruptcy on Jan. 19, a week after the United States Securities and Exchange Commission (SEC) charged it with offering unregistered securities through its Earn program. A week before that, it had laid off 30% of its staff, and in November, it suspended withdrawals. It blamed the collapse of Three Arrows Capital for the last move. Genesi
Go to Source to See Full Article
Author: Derek Andersen
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
