FTX Crash – Asia’s Top Bitcoin ATM Networks Are All Set To Close Trading
The FTX-backed Singapore exchange Genesis Block is ready to close its trading network. According to the report, the Asia’s top bitcoin ATM network announced that trading has been halted following the collapse of the FTX exchange.
According to a recent report, Asia’s largest bitcoin ATM networks will close their trading gateway on December 10, 2022. The Singapore-based FTX exchange urges costumers to withdraw their funds. Wincent Hung, chief executive of Genesis Block, spoke to Reuters and stated that trading has ceased and that the company does not know which counterparties will fail next. The exchange is now trying to regain some liquidity.
Genesis Block and Genesis Global Capital, in fact, are two different crypto players. Genesis Block is not affiliated with Genesis Global Capital. However, both companies have suspended customer recovery this week.
Genesis Block closes Hong Kong business before FTX bankruptcy
According to reports, three people familiar with the situation claim that FTX’s Singapore exchange cut all ties with the failed exchange in early March, even though FTX had filed for bankruptcy. Genesis Block was closing down its Hong Kong business.
According to reports, another company official who has knowledge of the situation was a former director of FTX Hong Ko but resigned recently. Notably, FTX Hong Kong was one of the 130 FTX companies that were backed and filed chapter 11 bankruptcy.
Asia’s largest bitcoin ATM network has decided to leave Hong Kong. It highlights the difficulties of enforcing investor protection within the $900 billion crypto market. Notably, Hong Kong is the “crypto-ready city” in the world.
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