Report: Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital
Customers and operations are unaffected by the unrest at Genesis Capital, according to Luno Africa.
Marius Reitz, the general manager of cryptocurrency exchange Luno Africa, recently reaffirmed that the company has not been impacted by Genesis Capital's decision to suspend withdrawals, just days after promising worried consumers He said that despite its lending partner's decision to halt withdrawals, Luno consumers still have access to their money in the savings wallet.
Customers Continue to Have Access to Their Savings Wallet Funds
Customers C The general manager of the cryptocurrency exchange Luno Africa, Marius Reitz, claims that business as usual is being maintained and that Genesis Capital's decision to halt "redemptions and new loan originations" has had no impact on his organization.
Reitz added that there haven't been "any significant changes in deposits, withdrawals, or trading volumes" at the exchange owned by Digital Currency Group (DCG). continue to Have Access to Their Savings Wallet Funds
Genesis had reportedly halted customer withdrawals "in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion," according to Bitcoin.com News.
Following Genesis' declaration, which was also owned by DCG and is a lending partner for Luno's savings wallet, rumors that the cryptocurrency exchange might halt withdrawals started to spread.
Initially stated on Nov. 16 to reassure anxious clients that it had taken steps to ensure access to funds in the savings wallet would be kept "in the event withdrawals from Genesis are not allowed," Luno, which was acquired by DCG in 2020, put an end to the rumors. However, persistent claims that Genesis is struggling to close a $1 billion accounting gap have stoked bankruptcy concerns.
The cryptocurrency exchange previously stated that users have full access since "all savings wallet money is already on the Luno platform."
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An Independent Operating Division of DCG is Luno
Genesis has already denied considering bankruptcy, but the persistent rumors have reportedly prompted Luno's general manager to refute claims that withdrawals will be frozen. Reitz reportedly mentioned the following in his most recent comments on the subject:
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crypto exchange, DCG, ftx, Genesis Capital, luno, Marius Reitz, savings wallet, Withdrawal Freeze
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