Cryptocurrency brokerage Genesis is facing the ripple effects of the FTX debacle. After being forced to stop customer withdrawals from its platform last week, the company is reportedly heading toward bankruptcy. People familiar with the matter told Bloomberg that Genesis might have to file for bankruptcy if it fails to raise enough cash to bail itself out of the situation. Genesis is still in the process of trying to raise at least $1 billion in fresh capital to address the liquidity crunch as a result of the FTX exchange implosion. To this end, the company approached crypto exchange Binance, which has reportedly declined the proposal.
