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FTX-Linked Asia's Biggest Bitcoin ATM Network and Exchange Ceases Trading

Fri, 11/18/2022 - 11:12
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Yuri Molchan
Hong Kong's leading crypto exchange, allegedly related to FTX in past, stops trading and is quitting business following FTX collapse
FTX-Linked Asia's Biggest Bitcoin ATM Network and Exchange Ceases Trading
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Reuters has reported that Genesis Block, a leading crypto exchange in Hong Kong that runs one of the largest Bitcoin ATM networks in Asia, has announced that it will stop over-the-counter trading following the FTX scandal and will shut down its website next month.

Genesis Block's business hit by FTX crash

This information was spread to customers in a recent chain email from the company's compliance department, according to Reuters.

The news agency also spoke to the Genesis Block boss Wincent Hung, who said that the company is shutting down trading and closing their positions to get back some of their liquidity. The reason he cited is  we don't know which counterparties would fail next," referring to FTX and Sam Bankman-Fried.

Aside from that, Genesis Block has asked its customers to move their funds out and has stopped taking on new clients.

It should be noted here that Hong Kong-based Genesis Block is not connected with Genesis Global Capital, an affiliate of the Digital Currency Group, which stopped client withdrawals earlier this week, along with its partner Gemini Earn, as a result.

However, importantly, several anonymous sources told Reuters that Genesis Block was planning to shut down its Hong Kong office anyway and had been gradually winding down its business there.

"Black Swan" Author Is Optimistic about Current "Crypto Crash," Here's Why

Here's how Genesis Block was linked to FTX

According to an anonymous source of Reuters', one of the officials of Genesis Block occupied the post of director of FTX Hong Kong before.

FTX Hong Kong was among one of more than 130 companies around the world that were affiliated with FTX and supported by Sam Bankman-Fried.

Overall, Genesis Block declined to provide any comment to Reuters.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at