• Binance.US has withdrawn from its planned $1 billion acquisition of Voyager due to the “hostile and uncertain” regulatory climate in the United States.
• Voyager filed for bankruptcy in 2022 and was set to distribute cash and crypto directly to its customers through its own platform.
• The deal faced opposition from regulators, including the Securities and Exchange Commission (SEC) and U.S. Attorney Damian Williams, but had received court approval before being terminated by Binance US.
Binance US Withdraws From Acquisition of Voyager
Binance.US has withdrawn from its planned $1 billion acquisition of Voyager, citing the „hostile and uncertain“ regulatory climate in the United States as a major factor in their decision. Although the asset purchase agreement with Voyager had been approved by court, Binance ultimately decided to terminate it due to the difficulties posed by current regulations.
Voyager’s Bankruptcy Filing
Voyager filed for bankruptcy protection in July 2022 after crypto hedge fund Three Arrows Capital defaulted on a $650 million loan. As part of its restructuring plan, Voyager auctioned off its crypto assets with FTX emerging as the highest bidder – however, this deal fell through when FTX imploded, leaving Voyager seeking another buyer. This led them to negotiations with Binance US which ultimately ended with the termination of their agreement.
The acquisition faced strong opposition from regulators including the Securities and Exchange Commission (SEC) and U.S Attorney Damian Williams despite receiving court approval initially – leading many to speculate that regulatory pressure may have been a factor in Binances decision not to proceed with it’s plans for acquisition of Voyager.. The announcement made by Binance US on Twitter cited an “unpredictable operating environment impacting [the] entire American business community” as a reason for their withdrawal from negotiations .
Voyager To Distribute Cash & Crypto Directly To Customers
Voyagers Committee Of Unsecured Creditors expressed disappointment at learning about Binances decision; promising customers they would still receive their cash and crypto via direct distribution through their platform despite not proceeding with acquisition plans..
In conclusion , although it was disappointing news for both parties involved , voyager will now be able to distribute cash and crypto directly tot heir customers through their own platform rather than going ahead with binance US’s proposed acquisition .