Crypto platform Genesis Trading has just suspended the withdrawal of funds and issuance of new loans coinciding with "increased demand" from customers following the collapse of FTX.
The changes have reportedly not affected trading operations in the spot and derivatives markets, as well as custody services, which remain "fully operational."
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The company has reported Genesis Global Trading, BitLicense's broker/distributor, is an operationally independent entity that also continues to operate normally and fulfill its obligations.
The company has explained:
"FTX has created unprecedented market turmoil, resulting in abnormal withdrawal requests which have exceeded our current liquidity."
The company will unveil a plan to rehabilitate its lending business next week after exploring all possible options with retained consultants, including raising new funding.