Derar Islim, interim CEO of crypto brokerage Genesis Global Trading, noted that the company needs more time to cope up with financial instability following withdrawals stoppage in November 2022.
Islim’s letter to Genesis users
Yesterday, Islim wrote a letter to Genesis’s clients: “While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time,” he added “As a key element in this process, we have made significant progress in refining our business plans for Genesis’ client offerings.”
Previously, Islim had informed customers of the temporary suspension of withdrawals and new loans, due to FTX led market turmoil. Genesis’s lending arm, Genesis Global Capital reported $2.8 billion in total active loans in Q3 of 2022, according to its official website.
Genesis, serves as a sister company to crypto investment firm Grayscale, under its parent company Digital Currency Group (DCG). Also, the officials informed that
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