Binance Says it Will Not Save Genesis Trading
Crypto exchange Binance has announced it does not intend to invest in Genesis Trading, wants to raise $1 billion in emergency funding, to save the company, The Wall Street Journal has reported.
Binance reportedly does not want to save the company because the exchange has a potential conflict of interest with the business model of a subsidiary of Digital Currency Group (DCG).
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Notably, Genesis is also trying to negotiate financial support with alternative investment manager Apollo Global Management.
The company requested emergency access to a $1 billion credit facility on November 14, citing a lack of liquidity. The request was submitted prior to the suspension of withdrawals and new loans following the collapse of FTX.
Access more than 50 of the world’s financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
The Block has reported Genesis has now reduced its funding target to $500 million.
Источник: ru.ihodl.com