Binance denies investment in Genesis after trying to raise $1 billion in emergency loan

After crypto lending firm Genesis suspends customer redemptions And said to seek $1 billion in emergency cash, Binance has turned down the opportunity to invest in companies owned by the Digital Currency Group due to potential conflicts of interest with Genesis’ business model, according to sources familiar with the matter. with this story told the Wall Street Journal.

Genesis is seeking investment from Apollo Global Management, the newspaper reported.

Genesis is looking for all alternatives. And it doesn’t appear to be in a rush to file for bankruptcy, despite Binance’s refusal to invest.

“We have no plans to file for bankruptcy in the near term. Our goal is to resolve the current situation without the need to file bankruptcy, with Genesis continuing to have constructive conversations with creditors,” a Genesis spokesperson said.

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