Luno Africa says customers and operations are unaffected by Genesis Capital's turmoil.

Marius Reitz, the general manager of cryptocurrency exchange Luno Africa, recently reaffirmed that the company has not been harmed by the decision to suspend withdrawals made by Genesis Capital. This statement came just a few days after Reitz had reassured worried clients. He also mentione


Customers will still have access to the funds saved in the Wallet Savings Account.
The general manager of the cryptocurrency exchange Luno Africa, Marius Reitz, stated that the business is working properly and that it has not been affected by Genesis Capital's suspension of "redemptions and new loan originations." Reitz went on to say that the cryptocurrency exchange operated by Digital Currency Group (DCG) has not yet observed "any substantial changes in deposits, withdrawals, or trading volumes."

According to a report by News, Genesis has temporarily halted client withdrawals "in response to the tremendous market dislocation and loss of industry trust caused by the FTX crash." After the declaration made by Genesis, which is also owned by DCG and is a lending partner for Luno's savings wallet, speculations began to spread that the cryptocurrency exchange may suspend withdrawals. These allegations were fueled by the fact that Genesis is also controlled by DCG.

Luno, which was acquired by DCG in 2020, initially issued a statement on November 16 reassuring worried customers that it had taken steps to ensure access to funds in the savings wallet would be retained "in the event withdrawals from Genesis are not possible." This was done to put an end to the rumors that were circulating at the time. However, persistent reports stating that Genesis is unable to cover a one billion dollar hole in its books have contributed to the spread of speculations that the company is going bankrupt.

A Wholly Owned and Operationally Independent Subsidiary of DCG
Despite the fact that Genesis has disavowed any intention of filing for bankruptcy, the persistent speculations have apparently caused Luno's general manager to fight back against speculation that the withdrawal freeze may be extended. According to his most recent statements in regard to the matter, Reitz allegedly stated:

This has not altered, and Luno will continue to function as a totally owned and autonomous functioning subsidiary of DCG. During this time span, neither Luno's clients nor its business have been adversely affected.

The cryptocurrency exchange had previously issued a statement in which it stated that "all savings wallet monies are presently on the Luno platform," which indicated that consumers have complete access to their assets.

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