FTX Collapse Hits Crypto Brokerage Genesis

Crypto exchange Genesis confirmed on Wednesday that it has stopped customers from making withdrawals and issuing new loans, the latest company to be severely impacted from the collapse of FTX.

The brokerage told TheStreet in an email that it’s “number one priority is to serve our clients and preserve their assets,” a spokesperson said.

“Therefore, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business,” Genesis said. “We are working diligently to shore up the necessary liquidity to meet our lending client obligations.”

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