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Major Hong Kong Company Shuts Down After FTX Falls

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A major crypto firm in Hong Kong is shutting down its business operations, according to . Genesis Block said it will shut down its OTC trading portal on December 10. The company told clients “we would prefer to close all our positions to regain some of our cash.” Something is loading.

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A major Hong Kong cryptocurrency firm will halt over-the-counter trading amid fears of broader market turmoil since the collapse of FTX.

Genesis Block told clients in an email first reported by that the company’s trading portal would close on December 10. Chief executive Wincent Hung told the company was concerned “because we don’t know which counterparties will fail next, so we prefer to close all our positions to regain some of our cash.”

FTX’s collapse has rippled through cryptocurrency markets and spurred investigations into whether founder Sam Bankman-Fried mismanaged client funds. FTX’s downfall has extended to industry peers like BlockFi, which is eyeing bankruptcy and layoffs amid the turmoil.

Genesis Block was once responsible for the largest Bitcoin ATM network and now asks its customers to withdraw funds as soon as possible. The ATMs are now owned and operated by CoinHero, with plans to expand into Hong Kong after Genesis Block sold that branch of its business last year.

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