Binance.US cancels acquisition of Voyager Digital

Binance.US a terminated l’agreement from redemption of assets of the crypto platform Voyager Digital due to the regulatory climate ” hostile and uncertain “to the United States.

After winning the assets of the bankrupt lender at auction Voyager Digital for about $1 billion last December, Binance.US had been confronted with the opposition of the American stock market regulator SECwho argued that the transaction might violate the law. Despite the regulator’s objections, Voyager eventually received approval from a judge to sell its assets to Binance.

However, on Tuesday evening, Travelling reported receiving a letter from Binance.US informing him of the termination of the agreement in progress.

1/ Today we received a letter from https://t.co/yG7Airmib5 terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.

– Voyager (@investvoyager) April 25, 2023

While disappointing, our Chapter 11 plan allows for the direct distribution of cash and crypto to customers via the Voyager platform […] We will now move quickly to return value to customers via direct distributions“, Voyager reported.

The American branch of the giant Binance for its part, indicated that it was a difficult decision.

“While our hope throughout this process was to help Voyager customers access their crypto, the Hostile and uncertain regulatory climate in the United States introduced a unpredictable operating environment impacting the entire American business community.” tweeted Binance.US.

Voyagerwhich filed for bankruptcy in July 2022, was initially to be acquired by the FTXwhich won its assets at auction at the end of September but declared itself bankrupt just two months later. It is thus a second failure for the crypto exchange.

Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything.