Crypto broker Genesis discloses locked funds on FTX

Representations of cryptocurrencies are seen in front of a displayed FTX logo and decreasing stock graph in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration

Nov 10 (Reuters) - U.S. cryptocurrency broker Genesis Trading disclosed its derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday in a Twitter post.

Gensesis said its operating capital and net positions in FTX "are not material to our business" and that it has no ongoing relationship with FTX or Alameda Research, the crypto trading firm belonging to FTX CEO Sam Bankman-Fried.

The locked assets on FTX do not impact the company's market-making activities, Genesis said.

Reporting by Hannah Lang in Washington; Editing by Leslie Adler

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