Genesis Asks for More Time to Fix Financial Issues as Investors Feel Nervous
Main page News, Crypto Market, Gemini, Genesis

Troubled crypto broker Genesis will likely take more time to find a solution for its borrowing and lending intermediation business as the process is "very complex," the firm said in a blog update.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

According to the blog post, Genesis is continuing working with its advisors, in collaboration with Digital Currency Group, to "evaluate options to preserve client assets and move the business forward." The firm added:

"While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time. We believe we can arrive at a solution. We will continue to give you updates on meaningful developments, including any updates on timing."

The update follows accusations by Cameron Winklevoss, co-founder and president of digital currency exchange Gemini, who recently blamed the head of DCG for engaging in "bad faith" tactics.

Genesis Tells Clients Recovery Plan Would Take 'Weeks Rather Than Days'

As iHodl earlier reported, Gemini's lending arm, Gemini Earn, halted withdrawals, citing issues at Genesis. The exchange wrote in a blog post that Genesis' partial suspension of services had made it impossible to meet requirements of the service-level agreement.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Please describe the error