The New York-based subsidiary of crypto conglomerate Digital Currency Group (DCG)–Genesis announced that CEO Michael Moro is stepping down as part of a leadership transition.
The announcement also included the appointment of Chief Operating Officer Derar Islim as interim CEO.
“Our clients look to Genesis to provide integral capital and execution services across their digital asset portfolios. The changes and investments we’re announcing today affirm our commitment to operational excellence as we continue to expand our services to meet the needs of our clients today and into the future,” said Derar Islim.
Moro will provide guidance to the company during the transition.
Governance and risk roles are also being restructured as part of the leadership shuffle. Michael Patterson has been named as Genesis’ new Chief Compliance Officer, succeeding Daniel Ferguson.
The firm announced that Tom Conheeney, the former president of hedge fund SAC Capital and its successor Point72 Asset Management, will join Genesis as a board member and senior adviser. It has begun the search for a full-time CEO.
The crypto brokerage was harmed by exposure to the bankrupt hedge fund Three Arrows Capital as well as a general market downturn. Genesis was hard hit by Three Arrows’ failure providing a $2.36 billion collateralized loan with an 80% margin ratio.
“Since we launched the first OTC bitcoin trading desk in 2013, sophisticated investors have come to Genesis to provide liquidity, lending, and custody services for their digital assets. It has been an honor to lead Genesis for nearly a decade and I look forward to supporting the company’s next phase of growth.”
