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Genesis’ Crypto Lending Business Pauses Withdrawals

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US-based cryptocurrency broker Genesis Trading said:

Source: Genesis

We recognize that Genesis Global Capital, LLC (Genesis), the lending partner of the Earn program, has suspended withdrawals and is unable to meet customer reimbursement within the 5 business day Service Level Agreement (SLA) . We are working with the Genesis team to ensure that our customers can redeem their funds from our earning program as quickly as possible. We will inform you about the details in the near future.

This past week has been an incredibly difficult and stressful time for the industry. While he is disappointed that his SLA for the Earn program has not been met, he is encouraged by the commitment of Genesis and its parent company, Digital Currency Group, to do everything in their power to meet their obligations to customers under the Earn program. increase. We will continue to work with all of our acquired customers on behalf of them. This is our number one priority. We apologize for the inconvenience.

This does not affect other Gemini products and services. Gemini is a full reserve exchange and custodian. All customer funds held on the Gemini exchange are held 1:1 and can be withdrawn at any time. Click here for details.

Source: Gemini

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