Coinspeaker
Hong Kong-Based Genesis Block Halts Trading, Here’s Why
Hong Kong’s leading cryptocurrency exchange Genesis Block has reportedly stopped trading. According to a Reuters report on Friday, the decision reflects a broader effect of the FTX collapse and liquidity issues that continues to roll the crypto industry.
Genesis Block Aims to Regain Some of Its Liquidity
For Genesis Block, the FTX incident was more like the straw that broke the camel’s back. Especially since it has had to endure a year of a downturn, just like many other crypto firms. But apparently, the FTX collapse is proving to be too much for the Genesis Block. According to an email it reportedly sent to its customers, it would be closing down its over-the-counter (OTC) trading portal on December 10.
Meanwhile, about the decision to halt trading, the firm’s CEO Wincent Hung claims that the move is only precautionary. He said in part:
“We have ceased trading, as we don’t know which counterparties would f
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