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Genesis has limited the withdrawal of funds from the platform

Nov 17, 2022
Genesis has limited the withdrawal of funds from the platform
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Crypto lending platform Genesis announced on its social network a temporary suspension of withdrawals. The team noted that due to the collapse of FTX, the number of withdrawal requests for digital assets has increased dramatically on the exchange. Because of this, the liquidity of the company has increased and the developers are forced to look for a way out of the crisis, as well as new sources of liquidity.

The changes did not affect trading operations in the spot and derivative markets, as well as custodial services. These features are fully functional.

It is worth noting that this is the second such case in Genesis. Earlier, the liquidity profile was negatively affected by the bankruptcy of hedge fund Three Arrows Capital.

However, the Genesis team assured that the investment bank Genesis Global Trading is safe and exposed to recent events as it operates separately from all other divisions of the company.

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