Genesis Global Trading, an affiliate of Barry Silbert’s Digital Currency Group, will wind down its spot trading crypto trading service as of Sept. 18 for “business reasons.”
Another of DCG’s related companies, crypto lender Genesis Global Holdco, filed for bankruptcy in January. At the time, DCG noted that the trading operation would “continue to operate business as usual.”
“This decision was made voluntarily and for business reasons,” Genesis said through a spokesperson Tuesday. “We are working closely with regulatory authorities to coordinate an orderly discontinuation of services.”
Spot and derivatives trading services through GGC International Ltd. remain operational, the company said.
Genesis Global Trading is licensed “to engage in virtual currency business activity by the New York State Department of Financial Services,” according to Genesis Trading’s website. GGC International s a British Virgin Islands company wholly owned by Genesis Bermuda Holdco Ltd.
--With assistance from Vildana Hajric and David Pan.
