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Crypto Broker Genesis Global Trading Says it May Need More Time to Sort Out Finances

Tris Bell

Summary: The interim CEO of Genesis Global Trading Derar Islim has said the company may need some more time to figure out its financial situation before it resumes withdrawals. The crypto brokerage and lender locked $900 million worth of client funds in November in the wake of the FTX collapse. In December, the company said it ...

The interim CEO of Genesis Global Trading Derar Islim has said the company may need some more time to figure out its financial situation before it resumes withdrawals.

The crypto brokerage and lender locked $900 million worth of client funds in November in the wake of the FTX collapse. In December, the company said it may take weeks for it to figure out a solution.

“While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time,” Islim said in a letter sent to clients on Wednesday.

Author: Tris Bell

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