US Regulators Launch Investigation Against Genesis

Genesis Is Under Investigation by US Regulators

Following the collapse of FTX, multiple US regulatory agencies have opened investigations into FTX and other centralized exchanges

[{"selector":"#anim-64364085-f6dd-4de1-bad1-1b996dbfd3fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ffcdf7db-8680-4a27-83ad-e6ca63a48da1","keyframes":{"transform":["translate3d(-81.08652%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25da77a6-5b78-4ec1-bdcc-825e33f6d940","keyframes":{"transform":["translate3d(115.35948%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4397d186-3b4c-431e-8a62-5770a3b85f88","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6f300acb-4aa8-448a-b335-e1668cd56a88","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Several US States regulators have launched investigation into crypto lender Genesis Global Capital.

[{"selector":"#anim-21fb24c1-ecbb-46d4-a3e1-989f16152016","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7d379fcd-2824-49f5-9b4b-75c9d6f58da6","keyframes":{"transform":["translate3d(-90.6542%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-942a400a-9a0f-4cc4-944b-4db98627e2e1","keyframes":{"transform":["translate3d(120.06803%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-090644a9-4285-46db-8c68-14e829abc524","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-592849bb-c1ce-48e5-98c5-f4163e2bf4c1","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

According to Barron's, this investigation is part of a broader probe into how connected many cryptocurrency companies are, and if these companies have violated state securities laws.

[{"selector":"#anim-b6251778-9c48-4857-b627-d75c1226cd14","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2afb2517-aa13-4008-b770-abe5e3b9b53a","keyframes":{"transform":["translate3d(-95.27363%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b831c3bb-be3b-49bc-86e4-632f88932dc5","keyframes":{"transform":["translate3d(115.68628%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c487a243-7add-4c1c-8079-972420da4922","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b38e4c23-823d-4fe8-9368-6f111821afc3","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Several other states are part of the probe, Alabama Securities Commission Director Joseph Borg said.

[{"selector":"#anim-6d309a11-944d-42ac-a5cf-b7a1fadfd48f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-34e3fdcc-e3ba-4087-86cd-35a176854832","keyframes":{"transform":["translate3d(-94.98911%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-319e2271-5c7e-4d72-8507-a1285e40356e","keyframes":{"transform":["translate3d(116.84210%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4ca633a9-4163-4bdf-81a8-151fdb7159ba","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4edac8c2-b538-49d3-9cfd-86eef59ed8d8","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

State securities regulators are investigating about Genesis’s connection to retail investors, and whether it or other industry participants might have violated securities laws.

[{"selector":"#anim-9d786f14-2524-4af0-9e86-061a1cd3268f","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3a45f88d-1390-4fdc-aeb3-f76df0b11bea","keyframes":{"transform":["translate3d(-83.00654%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e2307ea9-cec4-4cef-9cd6-bdd37dc32eeb","keyframes":{"transform":["translate3d(122.87822%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7e8ef0a6-b9f0-429f-b363-8c840554faca","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-192191f5-cdc9-44cc-95d1-b572772493d5","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

On November 16, Genesis suspended customer redemptions and new loan originations on its lending business, citing "abnormal withdrawal requests" after the FTX collapse.

[{"selector":"#anim-5526f8b3-7734-4f1d-9f28-d12ef019f80a","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c5171fcb-140c-46eb-abd9-d332b7b73a12","keyframes":{"transform":["translate3d(-96.79012%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-25be806f-3ecb-4218-8e7c-46e752aeb7fe","keyframes":{"transform":["translate3d(111.97411%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d81b9132-ce86-49e6-94aa-437b37f9b46c","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-38c419ac-0ad2-4125-9b07-b09ba4ce68c3","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

The firm had reportedly sought an emergency infusion of $1 billion before halting withdrawals.

[{"selector":"#anim-993f319b-aae7-48db-a827-1c1c5a2ddcc1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-025bb382-0084-4b6f-9dc5-a3582151efb6","keyframes":{"transform":["translate3d(-76.4%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c3d242e9-1c67-4eea-b64a-810cf1c546a5","keyframes":{"transform":["translate3d(129.57198%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-41b6c9e8-d9c6-4ddc-8e58-8ade205f2ec9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-06aceb86-9a3a-451a-9010-1f55034aa11c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-d09c189e-cb5a-454b-9f8c-2637551bd6c1","keyframes":{"transform":["translate3d(-388.52452%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-b6b15abb-f800-428d-869e-fb200ed437cf","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More Crypto Stories...