Genesis Vision, a blockchain-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 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.
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.