Genesis Global Trading will shutter its U.S.-focused crypto spot trading platform Sept. 18, the company told clients via email Tuesday.
“The decision was made voluntarily and for business reasons,” the email said, according to CoinDesk, a publication owned by GGT’s parent company, Digital Currency Group.
All trades on the platform must be settled by Sept. 21, and open accounts will be closed Sept. 30, the company said.
GGT has operated its trading platform since 2013 and has a license with New York’s Department of Financial Services. Over the last decade, it’s traded nearly $117 billion in spot volume in over 100 digital currencies, according to its website.
Sister company Genesis Global Capital filed for bankruptcy in January following the downfalls of FTX and Three Arrows Capital, to which it was connected.
The Securities and Exchange Commission charged GGC a week before the filing with offering unregistered securities. Leading up to that, it laid off nearly one-third of its staff.
At the time, GGT was unaffected.
A separate arm of DCG, GGC International Limited, will continue operating its spot and derivative trading services, according to the email to clients.
