According to reports, Genesis Global Trading (GGT) will shut down its over-the-counter cryptocurrency trading service on September 18th. This closure will only apply to activities within the United States. GGC International Ltd. will continue to operate, offering both over-the-counter and derivative trading services to users outside the United States.
In response to this decision, a company spokesperson stated, “This decision was made voluntarily and for business reasons. We are working closely with regulatory authorities to ensure an orderly cessation of service.”
Genesis had previously announced that its cryptocurrency trading service in the United States would begin winding down on September 18th. However, users have until September 21st to complete all transactions and close their accounts. By the end of September 30th, all remaining user accounts in the United States will be locked.
In an uncertain regulatory environment, Genesis is not the only major player deciding to exit the US market. The Winklevoss twins had previously considered leaving this region.
With the SEC facing legal challenges following the Ripple and Grayscale ETF lawsuits, it may be time for the US government to intervene and provide regulatory relief measures. The continuous exodus of major companies from the United States could hinder the domestic cryptocurrency industry’s growth, a scenario that no one wishes to see.