Binance Withdraws from Voyager Digital Asset Acquisition
Voyager Digital, a crypto lending firm undergoing bankruptcy proceedings, revealed that Binance.US has terminated their agreement to purchase assets.
Voyager communicated the news through a tweet, stating, “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 via the Voyager platform.”
Binance.US also made an announcement via Twitter, explaining, “Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community. We are focused on creating a safe platform where our customers can participate in the digital asset economy.”
Despite concerns raised by the SEC and other U.S. government lawyers, a significant portion of the $1 billion agreement was allowed to proceed on April 20. The deal had approval from most Voyager creditors and the bankruptcy judge Michael Wiles. However, a creditors’ committee expressed disappointment and is exploring potential claims against Binance.US.
The collapse of the deal could incur additional costs of around $100 million for the estate and its over 1 million creditors, as cautioned by attorneys for Voyager in a recent legal filing.
After Binance.US terminated the asset purchase agreement, Voyager announced its intention to use an option to return cryptocurrency and cash directly to customers through the Voyager platform.
Conclusion:
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