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Luno Africa, Genesis Digital Announces That It Is Not Affected by the Negativity Experienced!


Luno Africa Genesis Digital announces That It Is not affected by the negativity experienced! Just a few days after reassuring worried customers, Marius Reitz, CEO of crypto exchange Luno Africa, recently reiterated that the company was not affected by Genesis Capital’s decision. He added that Luno’s customers still have access to the wallet despite the lender’s decision to slow the foreclosures.

Customers retain access to a secure wallet

According to Marius Reitz, managing director of the crypto exchange Luno Africa, his company is working well and the termination of Genesis Capital did not affect “new redemptions and loans”. Reitz added that the Digital Currency Group (DCG) exchange has now seen “no significant changes in deposits, withdrawals or trading volumes.”

Genesis has suspended withdrawing clients “in response to the severe market volatility and loss of industry confidence caused by the FTX implosion.” After the announcement of Genesis, which is also owned by DCG and is the lender of Luno for its wallet, rumors that the crypto exchange may stop withdrawing money started to answer.

To end speculation, Luno, which was acquired by DCG in 2020, released a statement earlier on November 1. 16 who assured customers that he has taken steps to ensure that access to the wallet will be maintained “if withdrawing from Genesis is not possible”. However, continuing reports that Genesis is not putting a hole in the billion dollar book have led to rumors of a bankruptcy.

Luno Africa is an independent operating subsidiary of DCG

Although Genesis has ruled out filing for bankruptcy, the lingering scandal has forced Luno’s CEO to push back against bankruptcy claims. In his final words on the matter, Reitz said: “Luno remains a wholly owned, independent operating subsidiary of DCG and this has not changed. Luno’s customers and operations haven’t been affected during this period.”

In the first statement, the crypto exchange said that “all savings are now on the Luno platform,” which means that customers have full access.

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