Following Blockfi, Liquid Global, and Salt Lending halting withdrawals, reports indicate that Genesis Global Trading’s lending unit has halted customer withdrawals. Genesis’ interim chief executive officer Derar Islim said that the company’s trading and custody units were still operational.
DCG-Owned Genesis Halts Lending Unit’s Redemptions and New Loans
On Nov. 16, 2022, Coindesk reporter Nelson Wang detailed that Genesis Global Trading’s current CEO Derar Islim has explained that the company’s lending unit has paused withdrawals. The Digital Currency Group (DCG)-owned firm Genesis Global Trading’s CEO further detailed that the decision only affects the company’s lending side. Amanda Cowie, vice president of communications and marketing at DCG, told Wang the decision was difficult.
“Today Genesis Global Capital, Genesis’s lending business, made the difficult decision to temporarily