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| Hong Kong's leading crypto retail operator says it ceases trading as FTX fallout roils sector |
| 2022-11-18 |
| HONG KONG, Nov 18 (Reuters) - A leading cryptocurrency retail service provider in Hong Kong said it has ceased trading as the broader fallout from the collapse of FTX, and solvency issues at other major crypto firms, continues to roil the sector. Genesis Block, which at one time operated one of Asia's biggest bitcoin ATM networks, said it would be closing down its over-the-counter trading portal on Dec. 10, according to an email to customers sent by its compliance department reviewed by Reuters. "We have ceased trading, as we don't know which counterparties would fail next, so we would rather close out all our positions to regain some of our liquidity," chief executive Wincent Hung told Reuters this week. Related: FTX: 2022-11-17 'Give It Back': Calls Grow for Democrats to Return Money Donated by Disgraced FTX Founder FTX: 2022-11-16 FTX founder Sam Bankman-Fried triggered downfall by badmouthing crypto rival: sources FTX: 2022-11-15 How World Economic Forum, others are hiding their past ties with FTX |
| Posted by:Besoeker |