Genesis Global Trading Platform To Close On Sept 18 Amidst Clash With Gemini
- Genesis Global Trading is closing its spot crypto trading business by September 18 due to voluntary business reasons, with all trades to be settled by September 21.
- Tensions between Genesis and Gemini continue as Gemini accuses Genesis of vote manipulation in a proposed settlement with FTX, raising doubts about the legitimacy of Genesis’ actions.
- This development follows Genesis’ earlier bankruptcy proceedings with debts of over $3.4 billion and a contested restructuring plan
Genesis Global Trading, a subsidiary of the troubled Genesis conglomerate, is set to shutter its spot crypto trading business by September 18, according to a report by CoinDesk.
All trades must be settled by September 21, and any remaining open accounts will be closed by the end of the month.
The decision was voluntary and made for business reasons. Genesis Global Trading narrowly escaped bankruptcy earlier this year, unlike some other Genesis-linked entities. GGC International Limited, another trading-focused wing, will continue to provide spot and derivative trading services.
This development comes amid ongoing tensions between Genesis and Gemini. Gemini accused Genesis of manipulating votes related to a proposed settlement with FTX, raising concerns about the legitimacy of Genesis’ actions.
Gemini is leading an initiative to unite creditors to maximize returns from Digital Currency Group (DCG), the parent company of Genesis.
Genesis had initiated bankruptcy proceedings in January with debts exceeding $3.4 billion. In February, a tentative restructuring plan was proposed, backed by DCG and major creditors, including Gemini. However, Gemini contested the plan, citing a lack of necessary details and guarantees for some of the largest debtors.
Genesis’ decision to close its spot crypto trading platform marks another chapter in the ongoing challenges faced by the company in the crypto industry.
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