Genesis Vision to Suspend Services amid Russia Exposure

Genesis Vision, a blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based private trust management market, is suspending its services, citing its deep ties with Russia, the company announced.

“All our legal entities were originally highly affiliated with Russian citizens and due to the growing sanction pressures, we have now been forced to suspend company services,” Genesis Vision wrote on its official blog on Monday.

The company managed to survive for months despite heavy sanctions by western governments on Russian businesses. However, the recent suspension of its corporate account by cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term Binance forced it to suspend services.

“Since February, we have been working tirelessly to find another workaround to maintain operations in such an unstable environment, but recent restrictions from Binance — to our corporate account, have caused us another setback. Some of you may know that Binance plays a vital role in the Genesis Vision ecosystem,” the company added.

Dear Users,

Due to restrictions on our corporate accounts, we have to suspend some of our services. GV Funds & trading accounts will be closed on 17th November 2022 & all funds will be withdrawn to user wallets.

All user funds are safe & available to withdraw at any time.

— Genesis Vision (@genesis_vision) November 14, 2022

Additionally, Genesis highlighted that its operations were affected by the turmoil between Russia and Ukraine. The “employees have migrated due to the neighboring pressures, and our team is currently branched out across 5 different countries.”

“We have always encouraged the idea of remote working, but not all of our setbacks were resolved by relocating staff,” the company stated.

Genesis will now forcibly close all Genesis Vision Funds and accounts on 17 November and withdraw all funds to user wallets. In addition, it highlighted that “all funds are safe and available to withdraw from our platform at any time, without any restrictions.”

Not a Complete Shutter

However, the company is not going to shut its doors completely. It has assured to resume operations “in the shortest possible time.” Particularly, the company will reorganize its legal structure and products to make itself compliant again.

“We will keep our community and users updated on our progress in this regard,” the company added.

The Russian-Ukraine conflict has left the cryptocurrency industry divided. Most of the industry took the moral high ground deciding to terminate services for Russian citizens and entities. In contrast, a small section argued the core philosophy of cryptocurrencies for continuing their services within the country. However, those companies are now folding due to mounting government pressure. Kraken’s former CEO, Jesse Powell, earlier advocated in favor of continuing to offer services to Russians, but now the crypto exchange is restricting accounts of Russian users to comply with the European Union sanctions.