Crypto

Crypto Broker Genesis Discloses Locked Funds on FTX

Nov 10 (Reuters) – U.S. cryptocurrency broker Genesis Trading has disclosed that its derivatives business has around $175 million in funds locked up on FTX, the company said in a Twitter post on Thursday.

Gensesis said its working capital and net positions in FTX “are not material to our business” and that it has no ongoing relationship with FTX or Alameda Research, the crypto trading firm owned by the CEO of Gensesis. FTX, Sam Bankman-Fried.

Assets locked to FTX do not impact the company’s market making activities, Genesis said.

Reporting by Hannah Lang in Washington; Editing by Leslie Adler

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