After announcing the end of its US trading activities last week, Genesis announced that they’re shutting down the international arm as well. 👋
Genesis’ official statement? A curt: “We’ve voluntarily halted digital asset trading through GGC International, Ltd. (GGCI) for ‘business reasons.’ No more trading from our end.”
Last year, the collapse of LUNA, Three Arrows Capital and FTX left Genesis reeling. Their lending division declared bankruptcy in January, but the trading side tried to weather the storm. ⛈️
Genesis was the main player in the Gemini Earn program, where retail investors were promised steady crypto returns. But when the crypto seas got rough, Genesis confessed they couldn’t cover their redemption promises.
Fast forward, and both Genesis and Gemini got slapped by the SEC, accused of offering unregistered securities and targeting the Earn program.