• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
Buy Neo Pepe
No Result
View All Result
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
🚀 BUY NEO PEPE PROTOCOL 🚀
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: World Liberty Financial Accuses Exchange Of Token Manipulation, Justin Sun Blacklisted
Binance

Binance CEO Said To Be Interested In Buying Genesis’ Loans – And Why Not?

Christian Encila
by Christian Encila
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

After showing interest in buying liquidity troubled FTX but later retracted his offer within 24 hours, Binance big boss Changpeng ‘CZ’ Zhao is said to be interested on acquiring Genesis’ loan assets.

Following the implosion of FTX, cryptocurrency platform Genesis temporarily halted withdrawals in its lending operation.

FTX, founded by Sam Bankman-Fried and once the third largest cryptocurrency exchange by volume, declared bankruptcy last week.

Genesis informed investors on a Wednesday call that its lending arm was unable to meet all withdrawal requests because of the unusual turbulence caused by the rapid fall of FTX.

Related Reading: Bitcoin, Ethereum, Other Crypto Down After Alleged Russian Missile Hit Poland

Binance Big Boss Reaching Out For Info On Loans 

According to Genesis, “abnormal withdrawal requests” have exhausted its “current liquidity.”

Reports indicate that “CZ,” the CEO of Binance, has been communicating for further information on Genesis’ balance sheet as he looks into a possible offer for the crypto platform’s loan assets.

In the third quarter report for 2022, Genesis disclosed active loans worth close to $3 billion.

Digital Currency Group (DCG), the venture capital firm that owns Genesis, Grayscale Investments, and the cryptocurrency news site CoinDesk, states that Genesis’ decision to freeze withdrawals has “no impact on the business operations of DCG” and its other wholly-owned companies.”

Binance CEO Changpeng 'CZ' Zhao. Image: Wall Street Journal

Another Major Player Also Interested 

As this developed, B2C2 – the largest market maker in the industry – has also offered to purchase loans from Genesis. B2C2’s chief and founder, Max Boonen, initially tweeted about the offer as a measure to “ease the current liquidity issues.”

Multiple crypto sector funds, service providers, and lending platforms have exposure to SBF’s beleaguered crypto exchange, and when investors withdrew their funds from exchanges and stablecoins, these entities began to experience liquidity jitters.

Even the largest prime brokers were affected by the drying up of liquidity, including Genesis Trading’s lending platform.

The rapid downfall of FTX has driven many individuals to lose faith in the enthusiasm around cryptocurrencies.

Based on Dow Jones Market Data, the price of Bitcoin, the largest cryptocurrency in the world, plummeted more than 7% to a low of $15,708 on the announcement of FTX’s bankruptcy filing.

Genesis Loans Should Be Peanuts For Binance & CZ

Meanwhile, in its most recent earnings report, Genesis disclosed an 80 percent reduction in active loans compared to the last three months, falling from roughly $5 billion to just $2.8 billion.

After the collapse of Three Arrows Capital – a Singapore-based cryptocurrency hedge fund – Genesis rendered around 20% of its personnel jobless, and replaced previous CEO Michael Moro with COO Derar Islim.

According to Forbes, Binance facilitated more than $9.5 trillion worth of trades last year, representing over two-thirds of all trading volume processed by centralized cryptocurrency exchanges.

If all goes according to plan – due diligence process and background checks included – taking care of Genesis’ loans shouldn’t be a problem for CZ.

Related Reading: Crypto Market Retakes $1 Trillion Territory As Bitcoin Shows Renewed Strength

Crypto total market cap at $786 billion on the daily chart | Featured image from Money.com, Chart: TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christian Encila

Christian Encila

Follow

Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

Full Profile

Related Posts

Crypto

SEC’s Push For Crypto Clarity: New Rules On The Horizon To Address Industry Challenges

33 minutes ago
WLFI

FOMO Ends In Pain: WLFI Whales Suffer Millions In Loses On Price Collapse

1 hour ago
trump ethereum eth ethusd (1)

Trump’s Bet Pays Off as Family Crypto Fortune Soars Past $5B

2 hours ago
BingX Launches WLFI Listing Carnival with 900K Token Reward Bonanza

BingX Launches WLFI Listing Carnival with 900K Token Reward Bonanza

14 hours ago
MemeCore Explodes 244% In Weekly Gains, Sparks Hunt for Next 1000x Altcoins

MemeCore Explodes 244% In Weekly Gains, Sparks Hunt for Next 1000x Altcoins

30 minutes ago
$HYPER Predicted to Jump 2390% Viral Presale Nears $14M

$HYPER Predicted to Jump 2390% Viral Presale Nears $14M

17 hours ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    ADA’s path to long-term success: Integrating with...

    10 hours ago
  • Bitget and Bitget Wallet Support Trading of Over 100...

    13 hours ago
  • miner

    XRP Price From a High of $3.65 to a Low of $2.72: How GMO...

    16 hours ago
  • miner

    7 Trending Crypto Mining Apps This Year That Give Free...

    18 hours ago
  • mining

    6 Most Reliable Crypto Mining Software to Help Miners...

    19 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Buy Neo Pepe

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.