Crypto firm Genesis faced negative response from Binance in its quest for assets to survive.
The turmoil continues in the global crypto industry. Bankruptcies and liquidity problems began to come one after another from institutional investment companies. In particular, the collapse of FTX also negatively impacted the one million associated investors. Companies looking for ways to survive began to seek additional support for wealth growth. One of these companies, Genesis, continues to have shaky days. The crypto company recently reported that its lending platform has stopped withdrawals. In recent developments, it has been reported that the parent company is seeking assets. Among the allegations, Binance company will bid for Genesis. However, Binance has given up on this offer.
Binance and Genesis Agreement Settled
Genesis continues its search for a $1 billion emergency loan. According to the statements from the company, if the fund support is not provided, a bankruptcy notification will be made. Binance was among the companies that could provide funding support. However, according to the latest developments, the listed company has abandoned this offer.
According to information revealed earlier in the day, Binance has abandoned the offer. As the reason, it was shown that some of the works of Genesis may cause conflicts of interest in the future. Therefore, the stock market did not want to invest.
Genesis, which received a negative response from Binance, continues to make constructive speeches and seek funding supporters. However, the company faced bankruptcy.
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