Genesis’ Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse

JUST IN: The lending arm of GenesisTrading plans to halt customer withdrawals. The unit discussed the matter with its institutional customers in a call on Wednesday morning. By NelWang

The lending arm of crypto investment bank Genesis Global Trading is temporarily suspending redemptions and new loan originations in the wake of FTX’s collapse, Interim CEO Derar Islim told customers on a call Wednesday.

Islim told the participants on the call that Genesis is exploring solutions for the lending unit, including finding a source of fresh liquidity. He said Genesis intends to detail its plan to clients next week."Today Genesis Global Capital, Genesis's lending business, made the difficult decision to temporarily suspend redemptions and new loan originations.

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