Connect with us

Hi, what are you looking for?


Genesis CEO asks for patience from clients amid Gemini pressure

Genesis Trading Halted Withdrawals

Genesis Trading, the cryptocurrency brokerage and lender that halted customer withdrawals in the aftermath of FTX collapse, believes it can sort out its financial problems. However, it needs more time in order to accomplish this, the troubled crypto lender’s interim CEO Derar Islim said.

According to CoinDesk, a crypto publication which like Genesis is owned by Digital Currency Group, Islim asked for patience from clients via a letter sent on Wednesday, 4 January.

Gemini co-founder slams Genesis parent company

On what next for the crypto brokerage’s customers and other across the industry, Islim wrote:

“While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time.”

He added that Genesis was working with parent company DCG and various client groups towards the recovery of user assets.

As we previously reported, Genesis Trading’s lending arm Genesis Global Capital paused all redemptions and new loan originations last November. DCG announced the halt, with the move taken as the crypto market suffered another blow after the shocking collapse of a then major cryptocurrency exchange FTX.

One of the major partners of Genesis Trading was crypto exchange Gemini, which had funds of thousands of customers of its Earn program on the lender. Genesis’s halting of withdrawals accordingly saw over $900 million of Gemini Earn customers frozen.

On Monday, Gemini co-founder Cameron Winklevoss penned an open letter in which he accused DCG founder and CEO Barry Silbert of deliberately frustrating the effort to help impacted customers by hiding “behind lawyers, investment bankers and process.”

The post Genesis CEO asks for patience from clients amid Gemini pressure appeared first on Invezz.

You May Also Like


Mimiq, Inc is announcing today the launch of their new product, Mimiq Track, at CES as part of their latest product line to operate...


Bayerische Motoren Werke AG (ETR: BMW) shares have advanced more than 15% since the beginning of October 2022, and the current share price stands...

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2023