Miguel Cordon · · 1 min readHong Kong crypto retail major to shutter trading platform following FTX crash
Genesis Block, a major crypto retail service in Hong Kong, said it will be shuttering its over-the-counter trading platform on December 10 following the sudden downfall of FTX, Reuters reported.
Genesis Block operates a portal that lets users trade cryptocurrencies by opening up an account and getting support from an account manager.
In a statement to Reuters, Genesis Block CEO Wincent Hung said the company aims to regain liquidity with the move since it doesn’t know “which counterparties would fail next.”
The company has already asked customers to withdraw their funds and has stopped accepting new users.
Before this, Genesis Block had one of the largest bitcoin ATM networks in the region, spanning 29 locations in Hong Kong and six in Taiwan. Citing sources familiar with the situation, Reuters reported that these ATMs were sold by Genesis Block to a third party in 2021.
An entity called CoinHero is now operating the ATMs, the sources added.
See Also: Singaporeans feel ‘betrayed’ by Temasek-backed FTX
Editing by Eileen C. Ang
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