Crypto Updates

GGT Shuts Down US Crypto Trading Desk

New York Fed Partners with US Banks on 3-Month Digital Dollar Project

Genesis Global Trading, a subsidiary of Genesis Global,
is set to close its US-focused spot crypto trading operations by the end of
this month. This decision, communicated to clients via email, comes against the
backdrop of Genesis Global’s recent tussle with FTX.

The email seen by Coindesk
stated that GGT will cease its over-the-counter trading platform operations on
September 18, 2023. Clients have been notified that all trades must be settled
by September 21, and any remaining open accounts will be closed at the end of
the month. The official statement attributed this decision to voluntary reasons
related to business strategy.

GGC International
Limited, another trading-focused entity affiliated with Genesis, will
reportedly continue to operate GGT’s spot and derivatives trading services. GGT
was one of Genesis Global’s subsidiaries that escaped the conglomerate’s

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