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Genesis Block is all set to Close its Trading Gateway

  • The FTX meltdown is affecting exposed crypto exchanges severely.

  • Asia's leading BTC ATM network has announced a suspension of its trading gateway.

18 Nov 2022 By : COIN GABBAR
Genesis Block is all

Genesis Block, a Singapore exchange backed by FTX, is planning to shut its trading network. As per reports, the Asian top bitcoin ATM network has announced that trading has halted following the collapse of the FTX exchange.

As per a recent report, Asia's top bitcoin ATM networks would shut their trading gateway on December 10, 2022. The costumes are also encouraged to withdraw their funds through the Singapore-based FTX exchange. 

In an interview with local media outlets, Genesis Block CEO Wincent Hung stated that trading has halted and that the company has no idea which counterparties may fail next. As a result, the exchange is attempting to reestablish some liquidity.

As a matter of fact, Genesis Block and Genesis Global Capital are two distinct crypto players. Although Genesis Block is unrelated to Genesis Global Capital, both have suspended customer recovery this week.

Genesis Block shut down its Hong Kong operations before FTX filed for bankruptcy

As per three people familiar with the matter, the FTX-based Singapore exchange broke ties with the collapsed exchange earlier this month, even before FTX filed for bankruptcy. Genesis Block was closing down its operations in Hong Kong.

Furthermore, reports noted that one company official with knowledge of the situation was previously a director of FTX Hong Kong but recently resigned from that position. Notably, FTX Hong Kong is one of the 130 FTX companies funded by SBF that filed for chapter 11 bankruptcy.

The decision of Asia's largest bitcoin ATM network to leave Hong Kong. It illustrates the difficulty in ensuring investor protection in the highly integrated $900 billion cryptocurrency economy in terms of the percentage of ATMs in its population. Notably, Hong Kong is one of the world's most "crypto-ready" cities.

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