Share this article
BTC
$82,898.37
-
0.76%ETH
$1,789.90
-
1.30%USDT
$0.9994
-
0.03%XRP
$2.0946
-
2.02%BNB
$588.65
-
1.30%SOL
$119.14
-
1.71%USDC
$0.9998
-
0.02%DOGE
$0.1649
-
2.59%ADA
$0.6392
-
2.89%TRX
$0.2376
+
0.15%LEO
$9.1620
+
2.34%LINK
$12.62
-
1.97%TON
$3.2659
-
0.84%XLM
$0.2486
-
2.72%AVAX
$17.26
-
5.14%SHIB
$0.0₄1210
-
2.04%SUI
$2.1625
-
3.68%HBAR
$0.1579
-
2.97%LTC
$81.66
-
2.65%OM
$6.2319
-
0.62%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Crypto Broker Genesis' CEO Tells Clients It Needs More Time to Sort Out Finances
Genesis halted withdrawals in November in aftermath of FTX's collapse.
The interim CEO of Genesis Global Trading, the cryptocurrency brokerage and lender forced to halt withdrawals in November, said it needs more time to sort out its tricky financial position.
"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time," Derar Islim wrote in a letter sent to clients on Wednesday.
STORY CONTINUES BELOW
Genesis and CoinDesk share the same parent company, Digital Currency Group (DCG).
In wake of the FTX collapse in November, Genesis locked up $900 million of funds from clients of retail crypto brokerage Gemini. Amid reports of an imminent solution or even a bankruptcy filing, Genesis in early December said some sort of resolution would likely be a matter of "weeks" rather than days.
Stakes were upped a bit more on Monday of this week, when Gemini co-founder Cameron Winklevoss blasted DCG CEO Barry Silbert for "bad faith stall tactics."
Read more: Genesis Creditor Groups' Loans Amount to $1.8B and Counting: Sources
Stephen Alpher
Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.
