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Crypto lender Genesis says it has no immediate plans to file for bankruptcy




Nov 21 (Reuters) – Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions.

“We have no plans to file for bankruptcy immediately. Our goal is to resolve the current situation by consensus without the need for any bankruptcy filing,”[ads1]; a Genesis spokesman said in an email to Reuters, adding that they are continuing to hold talks with creditors.

A Bloomberg News report, citing sources, said Genesis was struggling to raise new money for its lending unit and warned investors it may have to file for bankruptcy if it cannot find financing.

The Wall Street Journal also reported, citing sources, that the company approached crypto exchange Binance to seek an investment, but Binance decided against it, fearing a conflict of interest afterwards.

Genesis also turned to private equity firm Apollo Global Management ( APO.N ) for capital help, according to the report.

Apollo did not immediately respond to a Reuters request for comment on the WSJ report, while Binance declined to comment.

Last week, Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of Sam Bankman-Fried’s crypto exchange FTX.

Crypto exchange Gemini, which operates a crypto lending product in partnership with Genesis, tweeted on Monday that it continued to work with the company to enable users to redeem funds from its return-generating “Earn” program.

In a statement on its blog last week, Gemini said there was no impact on its other products and services after Genesis stopped withdrawals.

On Thursday, the Wall Street Journal reported that Genesis had sought a $1 billion emergency loan from investors before suspending withdrawals.

Earlier this month, FTX filed for US bankruptcy protection in the highest-profile crypto explosion to date, after traders withdrew billions from the platform in three days and rival exchange Binance abandoned a rescue deal.

Reporting by Manya Saini and Lavanya Sushil Ahire in Bengaluru; Additional reporting by Rishabh Jaiswal; Editing by Sriraj Kalluvila, Rashmi Aich and Sam Holmes

Our standards: Thomson Reuters Trust Principles.



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