Genesis Block, a large over-the-counter trading service provider in Hong Kong, announced that it will close its official over-the-counter trading website at 6 pm on December 10, 2022, Hong Kong time, which means that the company will officially cease the business operations. According to Genesis Block’s official email instructions, customers can still withdraw funds through its OTC chat group.
In just a few days, the FTX trading platform filed for bankruptcy protection due to a liquidity crisis. Cryptocurrency companies that do business with it have successively issued notices stating that they need to suspend withdrawal services. The main reason is that the latter are also facing liquidity pressure.
"We have stopped trading because we don't know which counterparty will go bankrupt next, so we would rather close all positions to ensure some liquidity," Genesis Block CEO Wincent Hung told Reuters this week.
Citing Reuters, Genesis Block had ended its Hong Kong operations even before FTX went bankrupt, according to three people familiar with the matter. A Genesis Block executive who previously served as a director of FTX Hong Kong, an FTX affiliate listed as one of the companies that has filed for bankruptcy protection in the U.S., suddenly resigned this month, said a person familiar with the matter who asked not to be named. One of the companies.
This article Genesis Block, a large over-the-counter trading service provider in Hong Kong, announced that it will officially cease operations on December 10. First appeared on Blockchain.
