Binance.US cancels the $1.3 billion Voyager deal

Binance has canceled the $1 billion asset acquisition agreement with Voyager, which was only days away from being finalized.

In a tweet announcing the termination, bankrupt Voyager used the word “disappointing.”

As stated by Voyager, “Today we received a letter from Binance.US terminating the asset purchase agreement,” the company also stated that “our chapter 11 plan allows for direct distribution of cash and cryptocurrency to customers (a “toggle option”) via the Voyager platform.”

Binance announced the announcement and attributed the situation to the “uncertain regulatory environment in the United States.”

Binance.US Cancels Voyager deal Tweet 11zon

In a subsequent tweet in the discussion, Voyager promised to “work promptly to deliver value to clients via direct distributions. In the upcoming days, we will give consumers further details about the next stages and any actions they need to take.”

Since the two businesses decided to move through with a $1 billion offer in December, Binance has been planning to acquire Voyager. More recently, the Department of Justice tried to scuttle the transaction in March, blocking the deal. 

Voyager deal Tweet 11zon

Voyager tweeted on Tuesday (April 25) that Binance.US was ordered to permanently delete and erase all accounts created using customer information from Voyager as well as destroy any customer information it had acquired.

Voyager has attempted for over nine months to emerge from bankruptcy and pay its clients back, and the cancellation of the Binance US arrangement marks the company’s second unsuccessful transaction.

The original auction for the assets of Voyager was won by the cryptocurrency exchange FTX in September. Only two months later, FTX declared bankruptcy.

In July 2022, with the demise of the algorithmic stablecoin TerraUSD, Voyager filed for bankruptcy. Early in July, Voyager then put a halt to platform activities, including customer deposits, withdrawals, and trading, and a few days later, it formally filed for Chapter 11 bankruptcy protection.

I am Vishal. I post articles about the cryptocurrency markets. I'm pursuing a BBA degree. My home is in Navi Mumbai, Maharashtra.I'm constantly interested in new advancements in this industry and I learn something new about it every day. I would love to share such information with you all.

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