Binance US Pulls the Plug: Voyager Purchase Deal Falls Through

According to the now-defunct crypto lender Voyager, Binance US despatched a letter to the corporate “terminating the asset purchase agreement.” While the announcement was “disappointing” for Voyager, the agency maintained that its clients would nonetheless be receiving their money and crypto via a “direct distribution” through the Voyager platform.

Voyager’s Asset Purchase Agreement With Binance US Scrapped

Towards the top of 2022, Binance disclosed that its US subsidiary had entered right into a billion-dollar settlement with Voyager Digital Ltd. to accumulate its property. Despite objections from the US Securities and Exchange Commission (SEC), the acquisition was allowed to proceed after receiving court approval. However, on April 25, 2023, Voyager revealed that the deal was now not shifting ahead.

“Today we received a letter from Binance US 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 announced through Twitter.

https://t.co/AZwoBOgsqS has made the troublesome determination to train its proper to terminate the asset buy settlement with Voyager.

While our hope all through this course of was to assist Voyager's clients entry their crypto in type, the hostile and unsure regulatory local weather…

— Binance.US (@BinanceUS) April 25, 2023

Nine months prior, the TSX-listed Voyager Digital halted withdrawals on July 1, 2022, and filed for bankruptcy six days later. The agency cited “prolonged volatility and contagion in the crypto markets” as the explanations behind its failure. Before Binance stepped in to supply help, FTX was alleged to have helped Voyager, however Sam Bankman-Fried’s FTX empire had collapsed.

The official Twitter account of Voyager’s Committee of Unsecured Creditors additionally expressed disappointment upon studying of the termination of the take care of Binance. “Around 2 hours ago, Binance US purported to terminate the asset purchase agreement with Voyager,” the account tweeted. “The Committee is incredibly disappointed with this decision and is investigating potential claims against Binance US.”

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