March 29, 2024

Michael Moreau steps down as CEO of Genesis Trading

Genesis Trading CEO Michael Moreau Leaves Company After Seven Yearsjobs, including six as CEOcryptocurrency OTC platform.

In an interview with The Block, representatives of the firmreported that Genesis Trading will lay off one in five employees as part of "strategic priorities" - improving the efficiency of the business and overall infrastructure, including areas such as risk, compliance and technology.

Derar Islim has been appointed interim CEO. Moreau will continue to advise the company during the transition period.

Former President of SAC Capital and Point72 Asset Management Tom Conhini will become a senior advisor to Genesis Trading. He will help Islim with strategy, trading, lending and risk management.

On July 17, the platform also appointed new directors of risk, compliance, legal, finance, and technology.

Recall that in July it became known that the hedge fundThree Arrows Capital owes $2.36 billion to Genesis Trading. The latter was backed by its parent company, Digital Currency Group, which assumed certain obligations.

Earlier, the head of Moro admitted that in June, the OTC platform liquidated the positions of Three Arrows Capital.

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