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).
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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.
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The Block has reported Genesis has now reduced its funding target to $500 million.