FTX-backed Singapore exchange Genesis Block is all set to close its trading network. As per the report, the Asian top bitcoin ATM network has announced that it has halted trading after the collapse of the FTX exchange.
FTX backed Genesis Block to close trading network
As per the recent report, Asia’s top bitcoin ATM networks announces to close its trading gateway on December 10, 2022. Singapore-based FTX exchange also urges the costumes to withdraw their amount. Genesis Block chief executive Wincent Hung while speaking to Reuters said the trading has ceased and currently the company has no idea about which counterparties would fail next. As a result, the exchange is looking to regain some of its liquidity.
As a matter of fact, Genesis Block and Genesis Global Capital are two different crypto players. Genesis Block has no affiliation with Genesis Global Capital, however, both suspended customer recovery this week.
Genesis Block closing Hong Kong business before FTX bankruptcy
As per the reports, three people with knowledge of the situation claim that FTX- based Singapore exchange severed ties with the failed exchange earlier this month even before FTX filed for bankruptcy. Genesis Block had been winding down its Hong Kong business.
In addition to this as per the reports one company official with knowledge of the situation, was formerly a director of FTX Hong Kong but recently resigned from that position. Notably, FTX Hong Kong is among those 130 FTX companies which were backed by SBF and filed chapter 11 bankruptcy.
Asia’s top bitcoin ATM network’s decision to leave Hong Kong. In terms of the proportion of ATMs to its population, it highlights the difficulties in enforcing investor protection in the highly integrated $900 billion cryptocurrency market. Notably, Hong Kong is one of the most “crypto-ready” cities in the world