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The site is part of DCG holding. It is being closed due to poor performance in the economy. They also drew attention to the unstable actions of the regulator when working with cryptocurrencies in the United States.
They decided to stop the work of the platform some time after they closed the subsidiary company HQ Digital, which specialized in the management of various conventional and cryptocurrency assets. Then the reason was called crypto-winter and the unstable economic situation.
At the beginning of this year, more than 300 employees were laid off at the LUNO crypto exchange. If we take into account other divisions, their number was more than 500.
Over the past year, DCG holding lost over $ 1 billion. in the explanation, they said about the troubles of the Genesis subsidiary site.
In the autumn of last year, the withdrawal of deposits and the provision of new loans were frozen. Then they said that customers have too high requirements.
Recall that at the beginning of the year, the SEC, together with the Ministry of Justice in the United States, began checking the nature of the relationship between the holding and the Genesis crypto platform.