Crypto News :
Binance, a leading cryptocurrency exchange, has terminated its planned $1 billion asset purchase agreement with bankrupt digital asset broker Voyager, citing the “uncertain regulatory environment in the United States.” The deal was set to proceed just a few days ago, but Binance’s decision to back out has left Voyager disappointed.
The digital asset broker filed for Chapter 11 bankruptcy protection in July 2022 following the collapse of the algorithmic stablecoin TerraUSD. Voyager suspended all activity on its platform in early July, including customer deposits, withdrawals, and trading.
Despite the termination of the deal, Voyager’s chapter 11 plan allows for direct distribution of cash and crypto to customers via its platform.
The company has assured customers that it will move swiftly to return value to them via direct distributions and will provide more information on the next steps and any actions customers need to take in the coming days.
Binance had been in talks to acquire Voyager since December 2022, but the Department of Justice attempted to block the purchase in March, causing delays.
This latest development is another setback for Voyager, and it remains to be seen what the future holds for the beleaguered digital asset broker.