United

April

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	<p>In a surprising turn of events, Binance.US, the American arm of the global cryptocurrency exchange established by CEO Changpeng Zhao, has backed out of a $1.3 billion deal to acquire the bankrupt crypto lender Voyager Digital.</p>
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<p lang="en" dir="ltr"><a href="https://t.co/AZwoBOgsqS" rel="nofollow" target="_blank">https://t.co/AZwoBOgsqS</a> has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. </p>
<p>While our hope throughout this process was to help Voyager&#39;s customers access their crypto in kind, the hostile and uncertain regulatory climate…</p>
<p>&mdash; Binance.US <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@BinanceUS) <a href="https://twitter.com/BinanceUS/status/1650932061866172435?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></p></blockquote>
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<p>Throughout the acquisition process, <a href="https://crypto.ro/en/exchange/binance_us/">Binance.US</a> had intended to provide support to Voyager&#8217;s customers in accessing their <a href="https://crypto.ro/en/cryptocurrencies/">cryptocurrency</a> holdings.</p>
<p>However, in a tweet on Tuesday, the company stated that the uncertain regulatory environment has created an unpredictable operating landscape, affecting not only Binance.US but also the entire American business community.</p>
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<p lang="en" dir="ltr"><a href="https://t.co/AZwoBOgsqS" rel="nofollow" target="_blank">https://t.co/AZwoBOgsqS</a> has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. </p>
<p>While our hope throughout this process was to help Voyager&#39;s customers access their crypto in kind, the hostile and uncertain regulatory climate…</p>
<p>&mdash; Binance.US <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f1fa-1f1f8.png" alt="🇺🇸" class="wp-smiley" style="height: 1em; max-height: 1em;" /> (@BinanceUS) <a href="https://twitter.com/BinanceUS/status/1650932061866172435?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></p></blockquote>
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<p>Voyager Digital, which filed for Chapter 11 bankruptcy protection in July, expressed disappointment at the development. The company reassured its customers via Twitter that its bankruptcy plan allows for direct distribution of cash and crypto through the Voyager platform, known as the &#8220;toggle option&#8221;.</p>
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<p lang="en" dir="ltr">1/ Today we received a letter from <a href="https://t.co/yG7Airmib5" rel="nofollow" target="_blank">https://t.co/yG7Airmib5</a> terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.</p>
<p>&mdash; Voyager (@investvoyager) <a href="https://twitter.com/investvoyager/status/1650921887512272917?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></p></blockquote>
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<p>A committee representing Voyager&#8217;s creditors also weighed in, tweeting their disappointment and revealing that they are &#8220;investigating potential claims against Binance.US&#8221;.</p>
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<p lang="en" dir="ltr">1/ Around 2 hours ago, <a href="https://t.co/5sjac1H4CW" rel="nofollow" target="_blank">https://t.co/5sjac1H4CW</a> purported to terminate the asset purchase agreement with Voyager. The Committee is incredibly disappointed with this decision and is investigating potential claims against <a href="https://t.co/5sjac1H4CW" rel="nofollow" target="_blank">https://t.co/5sjac1H4CW</a>.</p>
<p>&mdash; Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) <a href="https://twitter.com/VoyagerUCC/status/1650923721559777288?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 25, 2023</a></p></blockquote>
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<p>The acquisition deal faced several obstacles before ultimately being abandoned. In March, Voyager received court approval to sell its assets and transfer its customers to Binance.US, despite the U.S. Securities and Exchange Commission&#8217;s <a href="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175301042380000000080.pdf" rel="nofollow noopener" target="_blank">(SEC) &#8220;limited objection&#8221;</a> in January, which argued that the agreement lacked sufficient details on Binance&#8217;s ability to finalize the transaction.</p>
<p>Additionally, the <a href="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175303152380000000014.pdf" rel="nofollow noopener" target="_blank">U.S. Department of Justice (DOJ) expressed</a> concerns in March, suggesting that the deal should be put on hold while legal objections were addressed.</p>
<p>The recent decision by Binance.US to withdraw from the acquisition highlights the ongoing challenges faced by the cryptocurrency industry in navigating the complex and uncertain regulatory landscape in the United States.</p>

Binance.US withdraws from $1.3 billion deal to acquire Voyager Digital

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