May 8, 2024

Crypto Brokerage Genesis Asks Clients for Patience as It Works to Resolve Financial Issues

The interim CEO of Genesis Global Trading, a cryptocurrency brokerage and lender that was forced to halt withdrawals in November, has asked clients for patience as the company works to resolve its complex financial situation. In a letter sent to clients on Wednesday, Derar Islim said that while the company is committed to moving as quickly as possible, the process will take some additional time. The situation arose after the collapse of FTX in November, which resulted in Genesis locking up $900 million in funds from clients of retail crypto brokerage Gemini. There have been reports of an imminent solution or even a bankruptcy filing, but Genesis has said that a resolution is likely to take “weeks” rather than days. The situation has been further complicated by an open letter from Gemini co-founder Cameron Winklevoss, who accused Digital Currency Group (DCG), the parent company of Genesis and CoinDesk, of “bad faith stall tactics.

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