One of the leaders of the crypto industry in Hong Kong will stop operations due to the collapse of FTX
Crypto-platform Genesis Block alerted its customers to stop operations and asked them to withdraw their funds
Hong Kong's leading operator of over-the-counter cryptocurrency trading Genesis Block announced the cessation of operations due to the consequences of the collapse of FTX, reports Reuters. The company told customers that it was closing its trading portal on December 10 and asked them to withdraw their funds.
Genesis Block was founded in 2012. The company provided services for over-the-counter trading in digital assets, mainly in Hong Kong and Thailand. It previously operated one of Asia's largest bitcoin ATM networks, but Genesis Block sold the business last year.
"We stopped trading because we don't know which partner will fail next, so we would prefer to close all of our positions to restore some of our liquidity," Genesis Block CEO Vincent Hung said.
One Genesis Block executive was previously a director of FTX Hong Kong, which filed for bankruptcy along with other FTX companies, a source familiar with the matter told the publication. It also learned that Genesis Block severed ties with FTX earlier this month and began winding down its Hong Kong business even before the disgraced exchange filed for bankruptcy.
Genesis Block is not affiliated with another cryptocurrency company, Genesis Global Capital, which suspended payments to clients earlier this week, which in turn caused problems with payments to Gemini cryptocurrency exchange users.
18.11.22 by Robert Strickland