How To Buy Bitcoin At A Discount | Binance Slashes U.S. Staff

Gemini Blasts DCG’s ‘Total Mirage’ Recovery Plan For Genesis

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Nina Bambysheva Senior Reporter, Forbes Money & Markets
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Steven Ehrlich Director, Forbes Digital Assets
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TOP EXECUTIVES LEAVE BINANCE.US AS EXCHANGE CUTS THIRD OF STAFF

Binance’s American affiliate has lost three top executives this week, including CEO Brian Shroder, Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, according to the Wall Street Journal. The company has also cut about one-third of its workforce—or more than 100 employees.

On Thursday, the United States Securities and Exchange Commission accused Binance.US of not sufficiently cooperating in the investigation against the crypto exchange. The agency said in a court filing that BAM, the exchange’s operator, “has produced only approximately 220 documents,” many of which “consist of unintelligible screenshots and documents without dates or signatures” and refused to produce essential witnesses for deposition.

GEMINI: DCG’S RECOVERY PLAN IS A ‘TOTAL MIRAGE’

On Wednesday, Digital Currency Group issued a statement saying users of Gemini Earn program, who lent DCG’s bankrupt lender Genesis Global Capital nearly $1 billion, can expect 95% to 110% recovery of their claims.

But Gemini called the proposed recovery rates a “total mirage—misleading at best and deceptive at worst,” questioning, among other things, DCG’s attempt to take advantage of the appreciation of approximately 31 million shares of the Grayscale Bitcoin Trust, pledged by Genesis as collateral to Gemini, to reduce its own liabilities in a Friday filing. Genesis used to be a subsidiary of DCG, which owns Grayscale.

The value of the collateral has more than doubled to $607.6 million from $284.3 million in the past ten months, giving Gemini Earn users an advantage over the rest of Genesis’ creditors, according to DCG.

CURRENT PRICE OF TOP 5 COINS (7-Day % Change)

Coin

Price

Percent Change

Bitcoin (BTC)

$26,411

2.4%

Ether (ETH)

$1,621

0.4%

Tether (USDT)

$1

0%

Binance Coin (BNB)

$212

0.7%

XRP (XRP)

$0.5

0%

Source: Forbes Digital Assets. Prices as of 4:40 p.m. on September 15, 2023.

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GENESIS CEASES TRADING SERVICES

Genesis’ trading business, once one of the largest in the digital-assets industry, is now also bust. The company has stopped offering derivatives trading and will cease spot dealing on September 21, according to a memo viewed by Bloomberg.

Since 2013, Genesis has handled $116.5 billion in spot volume for more than 1,000 institutions, according to its website.

YOU CAN STILL BUY BITCOIN AT DISCOUNT

The clock is ticking on a limited-time offer to get bitcoin on the cheap from DCG’s Grayscale Bitcoin Trust. Whether it turns out to be a bargain depends on the actions of an intransigent regulator. Read more.

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