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Genesis Suspends Loan Issuance Following FTX Crisis

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Genesis suspends loan issuance following FTX crisis.

Popular crypto broker Genesis Global Trading has stopped lending due to the recent FTX situation. Industry officials said it was customers who were withdrawing large sums of money when FTX collapsed. However, Genesis reported that despite the destruction of FTX, the company’s “financial and business productivity and business retention continues to perform well.”

On Wednesday, Genesis announced via Twitter that it had made a “strong decision” to prevent a temporary suspension of Genesis Global Capital’s lending process. The company said the number of deductions is too high for its current income. Genesis reported a negative withdrawal request.

Abnormal withdrawal request reported by Genesis

Importantly, after the release of the once-big cryptocurrency exchange FTX, Genesis reportedly saw “the negative political requests,” and moved to do so. The statement further indicated that the company is working to find possible solutions to the company’s problems and to find new funding. Forum said:

“We have hired the best consultants in the industry to review all possible options. Next week, we will present a plan for the loan service. We work hard to find the best solutions for the lending industry, including but not limited to finding new financing. »

Gemini also reflected the impact of his actions on his investment, Gemini Earn. This is because Genesis Global Capital is a partner of its Earn platform. The company expressed its disappointment saying, “We are disappointed not to meet the Earn Program SLA, but we are encouraged by the commitment of Genesis and its parent company Digital Currency Group to do everything in their power. power to fulfill their obligations. customers under the winning program. We will continue to work with them on behalf of all customers received. It is our most important thing. We greatly appreciate your patience.

Apparently, on November 13, the crypto exchange Kraken announced that it took over all the accounts of FTX and Alameda to protect their creditors.

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