Binance will not invest in crypto lender Genesis: WSJ

Quick Take

  • 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.

  • Binance turned down the deal, citing a potential conflict of interest with Genesis’ business model.

After crypto lending firm Genesis suspended client redemptions and 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.

Genesis also sought an investment from Apollo Global Management, the newspaper reported.

The struggles with Genesis began after a run on withdrawals at the firm’s affiliated exchange, Gemini, occurred in the wake of the collapse of crypto exchange FTX, according to a report citing a confidential document.

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