Hong Kong's Genesis Block Closes Business
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Nov. 18, 2022

Genesis Block, a Hong Kong-based cryptocurrency brokerage firm, will no longer accept new clients as it will close its over-the-counter desk on December 10, Reuters reports, citing the firm's boss Wincent Hung.

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While Hung didn't go into specifics about the move, he said the firm is now not sure "which counterparties would fail next." Besides barring from new customers, the firm has also ceased trading and is asking its current clients to withdraw funds.

Genesis Block Ventures Acquires OMG Network

Although the Genesis Block boss didn't cite the collapsed FTX crypto exchange, reports say the brokerage firm has $50 million stuck in the now bankrupt trading platform.

  • Genesis Block was founded in 2012. The Honk Kong-headquartered firm served individual and institutional clients, with a minimum required deposit of $20,000.

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