Binance will not invest in crypto lender Genesis, as there may be potential conflicts of interest, according to the Wall Street Journal.
Binance said no to an investment in Genesis as the crypto lender seeks to raise a $1 billion emergency loan, according to the Wall Street Journal.After crypto lending firm Genesisand indicated it would seek a $1 billion emergency cash loan, major potential backer Binance said no to the investment, the Wall Street Journal first reported.
Binance turned down the opportunity to invest in the lending firm owned by the Digital Currency Group over a potential conflict of interest with the Genesis' business model, a source familiar with the matter told the Wall Street Journal.
“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 told The Block earlier in an email. © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.By signing-up you agree to our
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