Binance US Pulls the Plug: Voyager Purchase Deal Falls Through

According to the now-defunct crypto lender Voyager, Binance US sent a missive to the institution “terminating the plus acquisition agreement.” While the announcement was “disappointing” for Voyager, the steadfast maintained that its customers would inactive beryllium receiving their currency and crypto done a “direct distribution” via the Voyager platform.

Voyager’s Asset Purchase Agreement With Binance US Scrapped

Towards the extremity of 2022, Binance disclosed that its US subsidiary had entered into a billion-dollar statement with Voyager Digital Ltd. to get its assets. Despite objections from the US Securities and Exchange Commission (SEC), the acquisition was allowed to proceed aft receiving court approval. However, connected April 25, 2023, Voyager revealed that the woody was nary longer moving forward.

“Today we received a missive from Binance US terminating the plus acquisition agreement. While this improvement is disappointing, our Chapter 11 program allows for nonstop organisation of currency and crypto to customers (a “toggle option”) via the Voyager platform,” Voyager announced via Twitter.

Nine months prior, the TSX-listed Voyager Digital halted withdrawals connected July 1, 2022, and filed for bankruptcy six days later. The steadfast cited “prolonged volatility and contagion successful the crypto markets” arsenic the reasons down its failure. Before Binance stepped successful to connection assistance, FTX was expected to person helped Voyager, but Sam Bankman-Fried’s FTX empire had collapsed.

The authoritative Twitter relationship of Voyager’s Committee of Unsecured Creditors besides expressed disappointment upon learning of the termination of the woody with Binance. “Around 2 hours ago, Binance US purported to terminate the plus acquisition statement with Voyager,” the relationship tweeted. “The Committee is incredibly disappointed with this determination and is investigating imaginable claims against Binance US.”

What are your thoughts connected Binance US’s determination to terminate the Voyager deal? Share your thoughts astir this taxable successful the comments conception below.

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