Genesis, America’s leading cryptocurrency exchange, will close all of its services. The decision was announced on September 14 and will have far-reaching consequences for users of the platform, both in the United States and internationally.
Genesis stops offering crypto services
Genesis was created through its spokesperson is known that it will stop offering spot and derivative trading in digital assets through its subsidiary GGC International, Ltd. (GGCI). The spokesperson emphasized that this decision was taken voluntarily and based on business considerations.
This announcement follows a previous decision made on September 5, when Genesis announced the closure of its over-the-counter (OTC) trading desk to US customers. However, the latest update affects all of the company’s international services.
Important dates for Genesis users
Genesis users should pay attention to the following important dates:
- September 18, 2023: Genesis American Bar will cease operations and all transactions must be completed by this date.
- September 21, 2023: Genesis international service will be discontinued. Users are advised to act quickly and transfer their assets to alternative platforms such as BLOX before this date.
- September 30, 2023: All Genesis accounts will be officially closed.
It is important to highlight that some articles suggest that Genesis will honor open derivative positions until their expiration date. In addition, the company has committed to supporting transactions necessary to manage or close open positions during this transition period.
Genesis’ decision to cease operations is part of broader challenges facing the exchange and its parent company, Digital Valuta Group (DCG).
Internal conflict and debt
Genesis is currently struggling with more than $3.5 billion in debt. Internal conflict within DCG has escalated, with Genesis filing suit on September 6, claiming that DCG is owed more than $610 million.
The issue has also impacted other DCG subsidiaries, leading to the closure of companies such as HQ Digital and TradeBlock in 2023. Additionally, DCG wallet service Luno has scaled back its UK operations due to impending regulations, and the company has stopped making payments flower.
What if you own crypto on Genesis? What should you do with it? We recommend sending your coins to BLOX. This is a safe Dutch destination to manage your crypto.
From Genesis to BLOX
BLOX offers crypto enthusiasts a safe, reliable and user-friendly platform to manage their cryptocurrency investments.
The app’s user-friendly interface makes it easy, even for beginners, to buy, sell and manage digital assets with confidence.
It’s easy to transfer your coins from Genesis to BLOX. Download BLOX on your phone, complete your registration and select ‘crypto deposit’.
Click above and create a free account on BLOX.
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