Binance Turns Down Request to Invest in Genesis
Genesis Trading's lending division, Genesis Global Capital, halted redemptions.
The decision, according to Digital Currency Group, was made in response to the "severe market dislocation" and "loss of industry trust" brought on by FTX's collapse.
The company asked for a $1 billion emergency loan. The crypto lender warned earlier today that the business will implode without financial support.
Genesis requested an investment from Binance. But “Binance decided not to invest, fearful that some of Genesis’s business could create a conflict of interest down the line”.
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