Troubled Cryptocurrency Broker Genesis Halts All Operations Amid Growing Crisis

Genesis, a cryptocurrency trading company that suffered from the fallout of last year's Three Arrows Capital and FTX crash, has halted all trading operations. This development was reported by CoinDesk, citing a company representative.

Last week, it was revealed that the company was closing its American office. However, now all international cryptocurrency trading operations in the spot market have also come to a halt. Trading in derivatives has been suspended as well.

Genesis made the decision to cease spot trading of digital assets and derivatives through GGC International, Ltd. (GGCI), according to their statement.

"This decision was made voluntarily and for business reasons. With the cessation of services through GGCI, Genesis no longer provides trading services through any of its structures."

Cryptocurrency broker Genesis filed for bankruptcy in January of this year. Due to liquidity problems caused by the FTX crash, the company owed its creditors over $3 billion and was unable to settle its debts.

In February, Genesis agreed to a debt restructuring plan, but in April, a group of creditors contested it and put forth new demands. In August, the cryptocurrency exchange Gemini expressed its dissatisfaction with the plan. The company stated that it contained serious flaws and many uncertainties. Furthermore, creditors have still not received payments for loans that were supposed to be paid out as early as May.