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Binance.US cancels $1b purchase of Voyager

binance-us-cancels-1b-purchase-of-voyager
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Binance.US cancels $1b purchase of Voyager

Voyager has turned to Twitter to announce that Binance.US has backed out of its deal to purchase the company’s assets. 

The announcement comes after the U.S. government approved a $1 billion takeover transaction struck by the crypto exchange’s American subsidiary after having previously put a hold on the acquisition plan.

Binance.US voyager agreement fails

Voyager stated that they had received a termination letter from Binance.US. Voyager announced that Binance.US is officially canceling the asset acquisition deal after a protracted process that included interference from the U.S. authorities.

Furthermore, it received the termination letter from the Binance American branch, supposedly ending the $1 billion transaction. 

On Twitter, Voyager referred to the development as “disappointing” but maintained their Chapter 11 strategy. In addition, they stated that they would “immediately return value to customers through direct distributions.”

Subsequently the tweet said, “We will provide more information on the next steps and any actions customers need to take in the coming days.”

The Binance.US acquisition of Voyager has dominated the crypto market in recent weeks. The exchange was to pay roughly $20 million in repayments to Voyager customers in the United States but the deal now appears to be null. 

The U.S. authorities, however, blocked the deal due to concerns that laws had been broken. Alternatively, the government had authorized the proposal, allowing Binance.US to acquire the crypto lender’s remaining assets.

After the revelation, the Voyager token VGX had a more than 10% decline, reaching a low of $0.308.

Binance.US cancels $1b purchase of Voyager - 1
VGXUSD 1D Chart | Source: Coinmarketcap 
https://www.youtube.com/watch?v=XXSM8WJXbqo

Termination caused by regulatory climate

Binance.US released a statement explaining the dismissal. According to the conversation, this is because of the unstable operating environment brought forth by the United States unfriendly and uncertain regulatory climate.

https://twitter.com/BinanceUS/status/1650932061866172435?s=20

The exchange also stated its commitment to further establishing a “safe platform” for customers.