Genesis Clients,

Many thanks for your continued support as we pursue various options for our lending business. We are committed to being as transparent as possible with you and wanted to update you on a few important points as our process continues.

First, our priority remains to identify the best possible outcome for Genesis’s clients. We continue to focus our time and resources on this goal. Working in consultation with highly experienced advisors and in close collaboration with our owner, DCG, we are evaluating the most effective path to preserve client assets, strengthen our liquidity, and ultimately move our business forward. We are also engaged in productive discussions with representatives of several client groups that have recently coalesced.

Second, all other Genesis entities remain fully operational as we continue supporting our clients 24/7 globally for their spot and derivatives trading and custody needs.

Perhaps most importantly, we greatly appreciate your continued patience, and you have our commitment to timely communication when we have meaningful developments to share. As you know, these are extraordinary times in our industry, and, while we are working urgently, this is a comprehensive process that we expect will take some time. At this point, we anticipate that it will take additional weeks rather than days for us to arrive at a path forward. As we progress, you will hear from us on meaningful developments, including any updates on timing.

Meanwhile, we are intensely engaged in crafting the best resolution for you and continuing to serve you moving forward. Thank you again for your partnership.

Regards,
Derar Islim
Interim CEO, Genesis