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Crypto Contagion: Binance Refused To Rescue Troubled Crypto Lender Genesis!
The troubled U.S. crypto lender Genesis said it has no immediate plans to file for bankruptcy after the FTX collapse forced it to suspend customer redemptions. A report from Bloomberg News said Genesis was struggling to raise fresh cash for its lending unit. The lender has approached crypto Binance for investment and to bid for its loan book, according to people familiar with the matter. However, Binance decided not to invest.