Another FTX-related causality hits the crypto community as Hong Kong-based trading platform closes its doors.
, another crypto business is feeling the market effects. Genesis Block, a frontrunner for providing cryptocurrency retail services in Hong Kong, announced it will cease trading and shutter operations, according to reports.
According to an email sent out to its customers by the compliance department, the company said from Dec. 10 of this year, it will be closing down its over-the-counter online trading portal.Reuters that the company has ceased trading as counterparties continue to shutter in light of the FTX fallout, and no one can tell who is next.The company’s website is still active, and even appears with help messages for customers interested in OTC trading.
Genesis Block is not related to the separate crypto company Genesis, which provides institutional cryptocurrency trading services. That Genesis has also been affected by the FTX fallout, as it tweeted thatSources close to the company said Genesis Block began winding down services earlier this year and cut ties with FTX prior to the fallout.
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