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Crypto Lender Genesis Under Investigation By US Regulators

Federal and state securities regulators in the United States are looking into Genesis Global Capital.

According to Barron, Alabama is one of the states investigating whether Genesis, among other companies, persuaded citizens to invest in crypto-related assets without filing the necessary registrations.

It’s a part of a broad investigation into the connections between cryptocurrency companies, Genesis’ relationship with retail investors, and if the company or other industry players may have broken securities laws, Barron’s report.

The lending division of Digital Currency Group (DCG) temporarily stopped redemptions and new loan originations last week as a result of the fall of FTX and worries about its financial viability.

The lender may have to file for bankruptcy protection, according to media reports, although DCG CEO Barry Silbert has affirmed the company is currently running smoothly.

Gemini, the exchange started by the Winklevoss twins, said it would halt withdrawals from accounts that enable retail investors to earn a yield on cryptocurrency deposits shortly after Genesis announced its withdrawal pause. In those cases, the lender is Gemini’s joint partner.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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