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Crypto lender Genesis to Wind Down Trading Services as Coinbase CEO Calls for Legal Action in DeFi, Founders of Three Arrows Capital Face Nine-Year Ban

Algoine News
Summary:
Genesis, a major crypto lender, is winding down its crypto trading services while Coinbase CEO Brian Armstrong urges DeFi protocols to take legal action. The founders of Three Arrows Capital have received a nine-year prohibition from Singapore's central bank.
Genesis, a leading crypto lender, has made the decision to wind down its crypto trading services. The announcement comes after Genesis Global Trading, another affiliate of Digital Currency Group, revealed its plans to halt crypto spot trading services. Both companies attribute the closures to business reasons. Meanwhile, Coinbase CEO Brian Armstrong is advocating for DeFi protocols to take legal action to establish a legal precedent. Armstrong suggests that regulators should refrain from taking enforcement actions against decentralized finance protocols and instead allow the court system to determine their legal status. In an unrelated development, Kyle Davies and Su Zhu, founders of Three Arrows Capital, have been prohibited from engaging in regulated activities by the Monetary Authority of Singapore for a period of nine years. The prohibition is a result of alleged violations of Singapore's securities laws at their crypto hedge fund.

Published At

9/14/2023 7:48:03 PM

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