Binance Will Not Take Place in The Genesis’s “Rescue” Plan

Binance Will Not Take Place in The Genesis’s “Rescue” Plan

Major potential supporter Binance declined to make the investment after cryptocurrency lending firm Genesis suspended client redemptions and stated it would look for a $1 billion emergency funding loan.

Due to potential "conflicts of interest" with the Genesis business model, Binance decided to pass the opportunity to invest in the startup. Genesis then reduced its rate and cut its fundraising expectations in half to $500 million.

Genesis also approached Apollo Global Management for a financial investment, the Wall Street Journal first reported.

Genesis is constantly the target of bankruptcy rumors, and it appears that the company is battling to stay in business. Genesis stated that it is considering options in order to avoid going too far and declaring bankruptcy.

“We have no plans to file bankruptcy imminently. Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors,” a Genesis spokesperson said in an email.

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