Genesis Withdrawal Halt Could Stretch To ‘Several Weeks’ – Crypto News – Crypto News
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Genesis Withdrawal Halt Could Stretch To ‘Several Weeks’ – Crypto News

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Genesis Withdrawal Updates: Amid difficult circumstances around the liquidity crisis, Genesis trading issued a statement to its customers with an update on Wednesday. In an email to Genesis customers, the company’s interim CEO Derar Islim said it could take some ‘weeks’ instead of days to lift the withdrawal halt. Earlier, it was reported that Genesis owes users of Gemini exchange around $900 million. Overall, the situation is complicated considering that many companies are interlinked with the FTX funds.

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additional time

In a latest communication to clients, Genesis said it could take additional time to resolve the liquidity issue. The email said Genesis is committed to being as transparent as possible with customers. It also said efforts are on to resolve the issue with the help of advisors. Genesis Trading felt the heat from the FTX collapse as it halted withdrawals following news of significant liquidity crunch at the Sam Bankman-Fried cryptocompany.

“Genesis anticipates that it will take additional weeks rather than days to arrive at a path forward.”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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