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Binance.US Pulls out of $1 Billion Asset Purchase Deal With Voyager

Binance.US Pulls out of $1 Billion Asset Purchase Deal With Voyager

The deal to purchase assets of cryptocurrency lender Voyager by Binance.US has been terminated.

This is the second time such a deal has failed to materialize.

The $1B Deal Falls Through

Binance.US sent Voyager a letter on April 25, 2023, ending the purchase deal of its assets, which Voyager described as “disappointing.”

Binance.US did not provide a reason for pulling out of the deal but pointed out the regulatory hurdles in the United States.

“The hostile and unpredictable regulatory environment in the United States has impacted the entire American business community.”

The SEC and the Department of Justice opposed Binance.US’s attempt to purchase Voyager’s assets, which was popular among Voyager’s customers.

The Commodity Futures Trading Commission sued international entity Binance, alleging the company solicited US customers in violation of federal trading laws.

Despite the approval of the purchase deal between Binance.US and Voyager, Binance’s termination could harm Voyager’s customers who have already seen two asset purchase agreements end in failure.

Earlier, FTX.US had won the bid in October 2022 to purchase Voyager’s assets, but the deal fell through when FTX went bankrupt in November 2022.

Voyager Focuses on Reimbursing Affected Customers

Voyager plans to reimburse customers whose assets were frozen in July 2022, based on the Chapter 11 plan.

“We will move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days.”

According to the terms of the asset purchase deal, Binance must permanently destroy all Voyager customer information and close any accounts set up with such information.