Digital Currency Group Suspends Dividends Amid Regulatory Trouble With Subsidiary Genesis
According to a shareholders’ letter from Digital Currency Group viewed by finance and crypto publication Coindesk, the company has suspended dividends until further notice. This news follows the U.S. Securities and Exchange Commission charging a subsidiary firm of DCG, Genesis Global Capital, with operating an “unregistered offer and sale of securities to retail investors.”On Jan.
DCG added that the firm has “been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity — As such, we have made the decision to suspend DCG’s quarterly dividend distribution until further notice.” The Coindesk article follows the problems the crypto lending subsidiary of DCG, Genesis Global Capital, has been dealing with over the past two months. On Nov. 16, 2022, Genesis’s lending unit
I'm quite frustrated these days because crypto was designed to be uncontrollable and not be influenced by market news, but unfortunately that's not happening.
After a couple of days of excitement bitcoin back to doing what it excels at 😆
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