Luno Africa Says Customers and Operations Unaffected by Genesis Capital Disruption – Exchanges Bitcoin News

Just days after reassuring worried customers, Marius Reitz, general manager of crypto exchange Luno Africa, recently said the company was affected by Genesis Capital’s decision to suspend withdrawals. I repeated that I did not receive it. He added that Luno customers will be able to access funds in their savings wallets despite the lending partner’s decision to freeze withdrawals.

Customers will still have access to funds in their savings wallet

According to Marius Reitz, general manager of crypto exchange Luno Africa, his company is operating normally and is not affected by Genesis Capital’s suspension of “redemptions and new loan launches.” Reitz added that exchanges owned by the Digital Currency Group (DCG) have so far “not seen any significant changes in deposits, withdrawals or trading volumes.”

As reported by Bitcoin.com News, Genesis has suspended customer withdrawals “in response to the extreme market turmoil and loss of industry confidence caused by the FTX implosion.” Rumors began circulating that cryptocurrency exchanges could suspend withdrawals after an announcement by Genesis, a lending partner for Luno’s savings wallet.

To quell speculation, Luno, which was acquired by DCG in 2020, first issued a statement on November 16, stating that “access to funds in savings wallets will be retained in the event of a withdrawal from Genesis. Concerned customers have been reassured that steps have been taken to ensure that it is not possible. However, reports continue to suggest that Genesis is failing to plug in. billion dollar hole In that book, he fuels rumors of bankruptcy.

Luno is an independent operating subsidiary of DCG

Genesis has since denied filing for bankruptcy, but persistent rumors have apparently forced Luno’s general manager to speak out against speculation of a withdrawal freeze. Reitz was quoted as saying:

Luno will continue to be a wholly owned and independent operating subsidiary of DCG and this has not changed. Luno’s customers and operations were unaffected during this period.

In a previous statement, the cryptocurrency exchange claimed that “all savings wallet funds are now on the Luno platform,” meaning customers have full access to it.

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