Michael Moro steps down as Genesis Trading CEO

Genesis Trading chief Michael Moro left the company after seven years in the role, including six as CEO of the crypto OTC platform.

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In a conversation with The Block, the firm said that Genesis Trading would lay off one in five employees as part of its ‘strategic priorities’ — boosting efficiency of the business and overall infrastructure, including areas such as risk, compliance and technology.

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Derar Islim was appointed as interim CEO. Moro will continue to advise the company during the transition period.

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Former president of SAC Capital and Point72 Asset Management Tom Konhini will become a senior advisor to Genesis Trading. He will assist Islim on matters of strategy, trading, lending and risk management.

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On July 17, the platform also appointed new directors for risk, compliance, legal, finance and technology.

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Back in July, it emerged that hedge fund Three Arrows Capital owed Genesis Trading $2.36 billion. Its parent company, Digital Currency Group, backed the firm and took on certain obligations.

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Earlier, Moro acknowledged that in June the OTC platform liquidated Three Arrows Capital’s positions.

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