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Crypto Moves – Bitcoin and Ethereum fall; Genesis Hires Insider as Acting Chief

DUBAI: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling 4.03% to $23,371 as of 9:37 a.m. Riyadh time.

Ethereum, the second most traded cryptocurrency, was priced at $1,843, down 5.33%, according to data from Coindesk.

Genesis hires an insider as interim chief and cuts 20% of its staff

In a statement on Wednesday, Genesis Trading said its workforce had been reduced by 20% and COO Derar Islim had been named the crypto broker’s interim chief executive, Reuters reported.

Islam will now replace Michael Moro as CEO.

In recent months, a number of leading companies have been forced to downsize due to the so-called “crypto winter”.

According to a Genesis spokesperson, 260 people were employed before the layoffs.

Another victim of declining interest in digital assets is Genesis Inc., which disclosed its exposure to Three Arrows Capital last month.

However, Genesis parent company Digital Currency Group assumed some of Three Arrows’ responsibilities after the crypto broker failed to meet a margin call, outgoing CEO Moro said.

As lead advisor, Genesis has also hired Tom Conheeney, the former chairman of SAC Capital and its successor, Point72 Asset Management.

Genesis said it has begun looking for a full-time general manager to guide it through the transition. Moro will advise the company throughout the transition.

Crypto.com Gets UK Regulatory Approval

Crypto.com, a Singapore-based cryptocurrency platform, has registered with Britain’s financial services regulator, Reuters reported.

Crypto.com has been authorized to offer crypto-asset products and services to customers in the UK in accordance with anti-money laundering and terrorist financing legislation.

“The UK is a strategically important market for us,” Crypto.com CEO Kris Marszalek said, citing the country’s growing crypto adoption and efforts to make it a hub for crypto assets. .

Crypto firms are racing to register with financial watchdogs as authorities around the world grapple with how to regulate the industry.

The UK does not regulate cryptocurrencies and consumers who lose their digital assets are not compensated.

Crypto firms have already faced backlash after the FCA denied their registration applications.

When it comes to crypto, the watchdog will always be “hawkish” on consumer protection.

With contributions from Reuters