US-Based Genesis Global Trading Will Abolish Its Cryptocurrency Spot Trading Service

The company, a subsidiary of Barry Silbert's Digital Currency Group, has offered crypto spot trading since 2013. Its closure is "for commercial reasons”. »

Genesis Global Trading (GGT) will shut down its cryptocurrency spot trading service on September 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but was unaffected when parent company crypto lender Genesis Global Capital filed for bankruptcy in January.

The shutdown of GGT trading is voluntary, Bloomberg reported, quoting a company spokesperson who said:

“This decision was made voluntarily and for commercial reasons. We are working closely with regulatory authorities to coordinate an orderly discontinuation of services. »

GGT began operations in 2013, according to its website. It is registered with the New York State Department of Financial Services. DCG affiliate GGC International will continue to offer spot and derivatives trading services, Bloomberg said.

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Genesis Global Capital filed for Chapter 11 bankruptcy on January 19, a week after the U.S. Securities and Exchange Commission (SEC) accused it of offering unregistered securities through its Earn program. A week before that there was