Binance Pulls Out of Voyager Assets Deal
Posted by Colin Lambert. Last updated: April 26, 2023
Binance US has withdrawn its offer to buy the assets of bankrupt crypto firm Voyager Digital – Binance won the auction for the deal in December, which Voyager says was worth $1 billion but in reality was only costing Binance US $20 million.
In a tweet, Voyager says it received a letter from Binance terminating the arrangement and calls the development “disappointing”, but adds that its Chapter 11 plan allows for the direct distribution of cash and crypto to customers.
In its own tweet, Binance US says it 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,” it adds.
Under the terms of the original deal, there was a deadline of April 18 for the deal to be completed, although Binance US did have the option of extra time, something it has decided not to take up. This is the latest in a series of moves and overt criticisms from the crypto industry over what it perceives to be an aggressive and unfriendly attitude towards the asset class from US regulators.