• Binance.US has withdrawn from its $1 billion acquisition of Voyager due to the “hostile and uncertain” regulatory climate in the United States.
• Voyager had filed for bankruptcy in 2022, and entered into negotiations with Binance.US after FTX’s implosion forced them to seek a new buyer.
• Despite court approval, Binance US has terminated the asset purchase agreement with Voyager; customers will receive cash and crypto through a “direct distribution” via the Voyager platform.
Binance Withdraws From $1 Billion Acquisition of Voyager
Binance.US announced that it is withdrawing from its planned $1 billion acquisition of Voyager due to the „hostile and uncertain“ regulatory climate in the United States. The acquisition faced strong opposition from regulators, including the Securities and Exchange Commission (SEC) and U.S. Attorney Damian Williams. Despite court approval, Binance US has terminated the asset purchase agreement with Voyager; customers will receive cash and crypto through a “direct distribution” via the Voyager platform.
Voyager Files for Bankruptcy
Voyager initially filed for a Chapter 11 bankruptcy protection plan in July 2022 after crypto hedge fund Three Arrows Capital defaulted on a $650 million loan (approved March 7, 2023). The company then decided to auction off its crypto assets as part of its restructuring plan, with FTX emerging as the highest bidder. When FTX’s implosion forced Voyager to seek a new buyer, they entered into negotiations with Binance US instead.
Regulatory Pressure
Binance CEO Changpeng „CZ“ Zhao hinted that their sudden decision may be due to regulatory pressure: „While our hope throughout this [acquisition] process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the U.S. has introduced an unpredictable operating environment impacting the entire American business community,“ he said in a statement released by Binance US spokesperson .
Terminated Asset Purchase Agreement
Voyager announced on Twitter that it had received a letter from Binance US „terminating the asset purchase agreement.“ Although disappointing for Voyager, they assured their customers that they would still receive their cash and crypto through direct distribution via their own platform..
Unsecured Creditors Express Disappointment
The Committee of Unsecured Creditors also expressed disappointment upon learning of termination of deal with Binance: „The Committee is incredibly disappointed with this decision and is investigating potential claims against B