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Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital – Exchanges Bitcoin News

Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital – Exchanges Bitcoin News

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Just days after reassuring worried customers, Marius Reitz, head of crypto exchange Luno Africa, recently reiterated that the company has not been affected by Genesis Capital’s decision to suspend withdrawals. He added that Luno’s customers still have access to the funds in the savings wallet despite its lender’s decision to freeze withdrawals.

Customers can use the funds in the Savings Wallet

According to Marius Reitz, the CEO of cryptocurrency exchange Luno Africa, his company is operating as normal and has not been affected by the suspension of Genesis Capital’s “redemptions and issuance of new loans”. Reitz added that the Digital Currency Group (DCG)-owned exchange has so far not seen “significant changes in deposits, withdrawals or trading volumes.”

As reported by Bitcoin.com News, Genesis had suspended client withdrawals “in response to the extreme market disruption and loss of industry confidence caused by the FTX collapse.” After the announcement by Genesis, which is also owned by DCG and is a lending partner for Luno’s savings wallet, rumors that the crypto exchange could suspend withdrawals began to increase.

To quell speculation, Luno, which was acquired by DCG in 2020, initially released a statement on Nov. 16 assuring concerned customers that it had taken steps to ensure funds in the savings wallet would be preserved “if withdrawals from Genesis are not possible.” However, reports continue to suggest that the Genesis will not be able to connect a billion dollar hole on its books have fueled bankruptcy rumors.

Luno is an independent subsidiary of DCG

Although Genesis has since ruled out filing for bankruptcy, the persistent rumors have apparently forced Luno’s CEO to counter speculation about a withdrawal freeze. In his latest remarks on the matter, Reitz said:

Luno is still a wholly owned, independent subsidiary of DCG, and this has not changed. Luno’s customers and operations have not been affected during this period.

In an earlier statement, the crypto exchange claimed that “all savings wallet funds are now on the Luno platform,” meaning customers had full access.

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Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, writer and author. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with an escape route.







The authors of the picture: Shutterstock, Pixabay, Wiki Commons

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