• Public

  • Public
  • Network
  • Groups
  • Featured
  • Popular
  • People

Genesis Block In early 2020, FTX entities acquired Hong Kong-based Genesis Block, an over-the-counter trading firm and cryptocurrency ATM operator. It served as a crypto on- and off-ramp in Asia, where the company publicly acknowledged they were operating in a “grey area”. “People were literally lining up around the corner with bags of cash at Genesis Block,” a former employee said. “Sometimes they shut the door saying they were out of bitcoin.” The company was a valuable asset for FTX, allowing them to circumvent capital controls and providing business connections in Asia. FTX’s ownership of Genesis Block was kept secret from the public and from regulators. FTX also used Genesis Block to make venture investments and operate various other entities they acquired or created in Singapore, the Philippines, and Mexico, so as to reduce regulatory exposure. (FTX employees helpfully put their reasoning in writing). While FTX was still in Hong Kong, Genesis Block was the nominal employer of several FTX personnel — including Gary Wang and Nishad Singh — in order to circumvent visa requirements.