According to the New York State Department of Financial Services (DFS), Genesis Global Trading has agreed to a settlement fine of $8 million and will forfeit its New York state Bitlicense as part of the agreement over compliance failures. Adrienne Harris, the DFS Superintendent said Genesis displayed a “demonstrated a disregard for the Department’s regulatory…
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According to the Q2 2023 report from Genesis Trading, crypto derivatives is set to experience substantial expansion, fueled by a massive decrease in spot market liquidity and a notable trend towards utilizing derivative instruments. “With spot market liquidity suffering and spot order book depth chronically flagging, it has become increasingly apparent that a significant portion…
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Cryptocurrency exchange Gemini and bankrupt cryptocurrency lender Genesis Global Capital have filed a petition to dismiss the SEC action linked to their joint venture product, Gemini Earn. The SEC lawsuit charges the firms with offering yield-bearing instruments to their customers and that, as such, these products are securities offered for sale without the required registration…
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Digital Currency Group’s crypto brokerage firm Genesis owes over $3 billion to creditors, pressing the crypto conglomerate to consider selling assets in its large venture portfolio to raise money. According to a report by the Financial Times, DCG, the parent company of Genesis, plans to raise fresh cash after its lending arm took heavy losses in the…
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Derar Islim, the interim CEO of crypto brokerage Genesis Global Trading, has told clients that they need more time to resolve the financial crisis plaguing its lending business. In a statement on Wednesday, Islim claimed that they will be able to sort out the current tough financial position but they need some more time. He said:… Read…
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It is understood Moelis & Company has been brought on to help the troubled lending firm explore all possible options. Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment…
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On Friday, Grayscale Investments, the world’s largest digital currency asset manager in terms of assets under management (AUM), revealed that three trusts have been filed with the Securities and Exchange Commission (SEC) in order to become SEC reporting companies. The three trusts include individual crypto asset products such as the bitcoin cash trust, the litecoin…
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