Saudi and Uzbek companies sign pacts on various investment opportunities

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

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

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

In a statement released on Wednesday, Genesis Trading said its headcount had been reduced by 20 percent and that Chief Operating Officer Derar Islim was appointed interim head of the crypto broker, Reuters reported.

Islim will now replace Michael Moro as CEO.

In recent months, a number of high profile firms have been forced to reduce their workforces due to the so-called “crypto winter.”

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

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

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

As a senior adviser, Genesis has also hired Tom Conheeney, the former president of SAC Capital and its successor, Point72 Asset Management.

Genesis said it had started searching for a full-time chief executive 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 approved to offer crypto asset products and services to customers in the UK in compliance with anti-money laundering and terrorist financing legislation.

“The UK is a strategically important market for us,” said Crypto.com CEO Kris Marszalek, 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 sector.

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

Crypto companies have previously faced backlash after the FCA denied their registration applications.

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

With inputs from Reuters