Genesis Global Trading, a cryptocurrency trading platform, has announced that it will be shutting down its over-the-counter (OTC) trading platform later this month. The closure is scheduled for September 18, and all trades must be completed by September 21. After September 30, all open accounts will be canceled. The decision to close the platform was made voluntarily and for business purposes, according to an email sent to clients.

Genesis Global Trading Avoided Bankruptcy

Earlier this year, Genesis Global Trading, a subsidiary of Digital Currency Group (DCG), narrowly avoided bankruptcy. DCG, a major venture capital firm in the cryptocurrency industry, reached an agreement in principle with Genesis’ creditors. While the OTC trading platform will be closed, another division of the company called GGC International Limited will continue to operate its spot and derivative trading services.

Genesis Global Trading has been actively trying to raise funds in order to pay back its creditors.

Frequently Asked Questions (FAQ)

What is Genesis Global Trading?

Genesis Global Trading is a cryptocurrency trading platform.

Why is Genesis Global Trading closing its OTC trading platform?

The decision to close the platform was made voluntarily and for business purposes. Genesis Global Trading is focusing on other divisions such as GGC International Limited, which will continue to operate its spot and derivative trading services.

When will the OTC trading platform close?

The closure of the Genesis Global Trading OTC trading platform is scheduled for September 18, 2023.

What will happen to open accounts after the closure?

All open accounts will be canceled at the end of the day on September 30, 2023.

Will Genesis Global Trading continue its other trading services?

Yes, Genesis Global Trading’s division called GGC International Limited will continue to operate its spot and derivative trading services.

Summary

Genesis Global Trading, a cryptocurrency trading platform, has announced the closure of its over-the-counter (OTC) trading platform. The decision to close the platform was made voluntarily and for business purposes. Genesis Global Trading avoided bankruptcy earlier this year and is focusing on other divisions, such as GGC International Limited, which will continue to operate its spot and derivative trading services.