Key points to remember
- Binance.US withdraws from agreement to acquire Voyager.
- The company blamed the “hostile and uncertain regulatory climate in the United States” for the decision.
- Voyager will distribute cash and crypto to its customers through its own platform.
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Binance.US has decided to pull out of its $1 billion acquisition deal for Voyager, citing a “hostile and uncertain” regulatory environment.
Nuked Acquisition Agreement
Voyager’s creditors can’t take a break.
The bankrupt crypto credit company announcement on Twitter yesterday that he had received a letter from Binance.US stating that he would be terminating his agreement to purchase the assets of Voyager.
digital travel deposit for Chapter 11 bankruptcy protection in July 2022, shortly after crypto hedge fund Three Arrows Capital defaulted on a $650 million loan to the company. Voyager then decided to auction off its crypto assets as part of its restructuring plan, with FTX becoming the highest bidder. When the FTX implosion forced Voyager to seek a new buyer, the company entered into a billion-dollar takeover deal with Binance.US.
The acquisition of Voyager assets by Binance.US has been met with stiff opposition from regulators. The Securities and Exchange Commission and U.S. Attorney Damian Williams filed motions to delay the takeover, which were denied by the court.
Binance CEO Changpeng “CZ” Zhao hinted on Twitter that Binance’s sudden move may have been due to regulatory pressure. When crypto personality Hsaka tweeted “(In before) Binance pulling out of Voyager deal part of terms of imminent deal with CFTC,” Zhao replied at the station with a shrug emoji.
“While our hope throughout this (acquisition) process was to help Voyager customers access their in-kind crypto, the hostile and uncertain regulatory climate in the United States introduced an unpredictable operating environment impacting the ‘entire US business community,’ a Binance spokesperson told Crypto News. Le Bloc exit.
Voyager has indicated that, in accordance with its court-approved restructuring plan, it will now distribute cash and crypto directly to customers through its own platform.
Disclosure: At the time of writing this article, the author of this article owned BTC, ETH, and several other crypto assets.