Voyager Deal Broken: Binance.US Citing Hostile Climate

Binance.US has terminated an agreement to buy bankrupt crypto broker, Voyager. The much-disputed deal gained approval from unsecured creditors only on April 19.

Binance.US has terminated its asset purchase agreement with crypto lender Voyager Digital. The company cited the “hostile and uncertain” regulatory climate in the United States, which has affected “the entire American business community,” according to statement It was released by Binance.US on Tuesday.

The company emphasized its focus on building a secure platform for its clients to participate in the digital asset economy. Voyager was the first to comment on the events, posting a thread on Twitter where he said:

“Today we received a message from Binance.US terminating the asset purchase agreement. While this development is disappointing, our Chapter 11 plan allows for direct distribution of cash and cryptocurrency to customers (a “swap option”) via the Voyager platform. Consistent with the plan, we will now move quickly to return value to customers via direct distributions. We will provide more information on the next steps and any actions customers need to take in the coming days.”

Deal only just agreed

Binance.US stepped in to acquire Voyager’s assets after a previous deal with FTX collapsed. The acquisition faced regulatory opposition, and a federal judge suspended it last month to give the US government more time to pursue challenges. Voyager was trying to raise money by selling assets to pay off debts to creditors after filing for bankruptcy last year.

The official Committee on Unsecured Creditors just approved the latest deal on April 19, after a difficult few months.

Voyager Digital was once a thriving cryptocurrency lending and trading platform with 3.5 million users and $5.9 billion in assets. But last July, the company filed for Chapter 11 after making massive unsecured loans to a failed hedge fund, Three Arrows Capital (3AC).

The Voyager deal is just the latest casualty in America’s turn against cryptocurrency. One of the industry giants, Coinbase, recently took steps to move operations to Bermuda. Other exchanges and companies may follow suit as SEC Chairman Gary Gensler continues his vendetta.


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