++The subsidiary had escaped parent company Genesis Global’s lending-induced bankruptcy.
Genesis’ U.S.-focused spot crypto trading business will shut down later this month, according to an email sent to clients Tuesday.
Genesis Global Trading (GGT) will close its over-the-counter trading platform on Sept. 18. All trades must be settled by Sept. 21 and all remaining open accounts will be closed end of day on the 30th. “The decision was made voluntarily and for business reasons,” the email said.
GGT was one of a handful of Genesis-linked companies that escaped the conglomerate’s crypto lending-induced bankruptcy earlier this year. Another trading-focused wing, GGC International Limited, will continue to run its spot and derivative trading services, the email said.
Genesis is owned by DCG, as is CoinDesk.
BY: Danny Nelson
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.