Report: Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital

Just days after reassuring involved prospects, Marius Reitz, the overall supervisor of crypto change Luno Africa, just lately reiterated the corporate has not been impacted by Genesis Capital’s choice to pause withdrawals. He added Luno prospects nonetheless have entry to funds within the financial savings pockets regardless of its lending associate’s choice to freeze withdrawals.

Customers Retain Access to Funds within the Savings Wallet

According to Marius Reitz, normal supervisor of the crypto change Luno Africa, his firm is working usually and has not been affected by Genesis Capital’s suspension of “redemptions and new loan originations.” Reitz added that the Digital Currency Group (DCG)-owned change has thus far not seen “any significant changes in deposits, withdrawals or trading volumes.”

As reported by Bitcoin.com News, Genesis had paused buyer withdrawals “in response to the extreme market dislocation and loss of industry confidence caused by the FTX implosion.” After the announcement by Genesis, which can be owned by DCG and is Luno’s lending associate for its financial savings pockets, rumors claiming that the crypto change may pause withdrawals started to swell.

To quell the hypothesis, Luno, which was acquired by DCG in 2020, initially issued a statement on Nov. 16 which reassured frightened prospects it had taken steps to make sure entry to funds within the financial savings pockets could be retained “in the event withdrawals from Genesis are not possible.” However, persevering with reports suggesting that Genesis is failing to plug a billion-dollar hole in its books have fueled chapter rumors.

Luno an Independent Operating Subsidiary of DCG

Although Genesis has since dominated out submitting for chapter, the persistent rumors have seemingly pressured Luno’s normal supervisor to push again towards withdrawal freeze hypothesis. In his newest remarks in regards to the situation, Reitz reportedly mentioned:

Luno stays an entirely owned, impartial working subsidiary of DCG and this has not modified. Luno’s prospects and operations haven’t been affected throughout this era.

In an earlier assertion, the crypto change claimed that “all savings wallet funds are now on the Luno platform” which meant that prospects had full entry.

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