Binance says no exposure to struggled platform Genesis Global Trading


Binance & Tether (USDT) responded to Genesis Global Trading outage to remain away from the further negative impact of users’ outflow from the platform.

As all of us know very well that around a week ago, FTX exchange suspended its services because of the low liquidity issue & further filed for Bankruptcy under Chapter 11 in a US district court. The whole news shaked the crypto Industry and now the majority of the crypto traders are not feeling safe going with centralised crypto services. 

On 16 November, Tether, the issuer of the second biggest stablecoin USDT, announced on Twitter that Tether has no exposure to Genesis Global Trading.

On the same day, Binance CEO Changpeng Zhao also responded to the downfall of Genesis and said that the company has no exposure to Genesis or any other third-party service in its earn products. 

Secondly, Binance’s CEO said that the company also depends significantly on itself to provide staking service, in order to confirm that company always try to remain dependent on itself as much as possible.

Genesis Global Trading 

Recently many crypto projects suspended their partial services, to remain away from negative market situations. Genesis Global Trading is another crypto platform that announced that the company will not allow withdrawal for the customers because of huge numbers of customers withdrawing funds from the platform, which was causing low liquidity issues.

“in consultation with our professional financial advisors and counsel, we have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business,” the Genesis Global team said.

Earlier this, crypto lending platform BlockFi suspended crypto withdrawal services.

Read also: Genesis Trading suspends redemptions and new loan originations amid FTX crisis