Report: Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital

Just days aft reassuring acrophobic customers, Marius Reitz, the wide manager of crypto speech Luno Africa, precocious reiterated the institution has not been impacted by Genesis Capital’s determination to intermission withdrawals. He added Luno customers inactive person entree to funds successful the savings wallet contempt its lending partner’s determination to frost withdrawals.

Customers Retain Access to Funds successful the Savings Wallet

According to Marius Reitz, wide manager of the crypto speech Luno Africa, his institution is operating usually and has not been affected by Genesis Capital’s suspension of “redemptions and caller indebtedness originations.” Reitz added that the Digital Currency Group (DCG)-owned speech has truthful acold not seen “any important changes successful deposits, withdrawals oregon trading volumes.”

As reported by Bitcoin.com News, Genesis had paused lawsuit withdrawals “in effect to the utmost marketplace dislocation and nonaccomplishment of manufacture assurance caused by the FTX implosion.” After the announcement by Genesis, which is besides owned by DCG and is Luno’s lending spouse for its savings wallet, rumors claiming that the crypto speech could intermission withdrawals began to swell.

To quell the speculation, Luno, which was acquired by DCG successful 2020, initially issued a statement connected Nov. 16 which reassured disquieted customers it had taken steps to guarantee entree to funds successful the savings wallet would beryllium retained “in the lawsuit withdrawals from Genesis are not possible.” However, continuing reports suggesting that Genesis is failing to plug a billion-dollar hole successful its books person fueled bankruptcy rumors.

Luno an Independent Operating Subsidiary of DCG

Although Genesis has since ruled retired filing for bankruptcy, the persistent rumors person seemingly forced Luno’s wide manager to propulsion backmost against withdrawal frost speculation. In his latest remarks concerning the issue, Reitz reportedly said:

Luno remains a wholly owned, autarkic operating subsidiary of DCG and this has not changed. Luno’s customers and operations haven’t been affected during this period.

In an earlier statement, the crypto speech claimed that “all savings wallet funds are present connected the Luno platform” which meant that customers had afloat access.

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