United

April

Rekt

FOMO

Binance.US has pulled out of its <a href="blockhead.co/tag/voyager-digital">Voyager Digital</a> acquisition following months of drama involving the SEC and judges.
In a tweet, <a href="blockhead.co/tag/binance">Binance</a> cited "the hostile and uncertain regulatory climate in the United States" for its withdrawal, pointing towards "an unpredictable operating environment impacting the entire American business community."
<blockquote class="twitter-tweet">
 <a href="https://t.co/AZwoBOgsqS?ref=blockhead.co">https://t.co/AZwoBOgsqS</a> 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…— Binance.US 🇺🇸 (@BinanceUS) <a href="https://twitter.com/BinanceUS/status/1650932061866172435?ref_src=twsrc%5Etfw&amp;ref=blockhead.co">April 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Voyager described the development as "disappointing" but informed its followers that their Chapter 11 plans allow for "direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform."
"Under the terms of the asset purchase agreement, Binance is required to destroy all customer information that it has received and permanently close and remove any accounts established with Voyager customer information," Voyager tweeted.
<blockquote class="twitter-tweet">
 1/ Today we received a letter from <a href="https://t.co/yG7Airmib5?ref=blockhead.co">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.— Voyager (@investvoyager) <a href="https://twitter.com/investvoyager/status/1650921887512272917?ref_src=twsrc%5Etfw&amp;ref=blockhead.co">April 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Voyager has been looking to raise funds after declaring bankruptcy last year. The Binance.US deal acquisition was supported by <a href="https://www.binance.com/en/feed/post/263409?ref=blockhead.co">97% of Voyager creditors</a>. The $1 billion deal would have seen creditors potentially making a 73% recovery of their lost assets.
<h2 id="on-and-off-again">On and off again</h2>
Binance.US's acquisition of Voyager Digital's assets has been on the cards since the collapse of FTX.
FTX had initially bid for the crypto firm's assets for $1.4 billion after it declared bankruptcy in June, citing heavy exposure to 3AC. After the exchange collapsed, Binance swooped in with an offer 27% lower than its fallen rival at $1.022 billion.
Read more: <a href="https://www.blockhead.co/2022/12/19/binance-to-buy-voyager-digitals-assets-at-discount-from-ftxs-offer/">Binance to Buy Voyager Digital’s Assets at Discount From FTX’s Offer</a>
All seemed well until February 2023 when the US Securities and Exchange Commission (<a href="blockhead.co/tag/sec">SEC</a>) vocalised its opposition to the deal. the SEC said in a <a href="https://cases.stretto.com/public/x193/11753/PLEADINGS/1175302222380000000121.pdf?ref=blockhead.co">filing</a> that the deal could violate laws and might be discriminatory.
The SEC was particularly concerned about how Binance plans to repay Voyager’s former customers.
Read more: <a href="Binance Rekt by SEC Again as $1B Voyager Deal Opposed">Binance Rekt by SEC Again as $1B Voyager Deal Opposed</a>
Less than a month later, US Bankruptcy Court Judge Michael Wiles said he was "absolutely shocked" at the SEC for interfering without giving guidance.
“You come here and tell me … that I should stop everybody in their tracks because you might have an issue,” Wiles said, addressing counsel for the SEC. “It's kind of a weird objection.”
Read more: <a href="https://www.blockhead.co/2023/03/03/us-judge-questions-secs-objections-to-voyager-binance-deal/">Judge Slams SEC's Objections to Binance-Voyager Deal</a>
Wiles eventually approved the deal, overturning the SEC's objections. “I cannot put the entire case into indeterminate deep freeze while regulators figure out whether they believe there are problems with the transaction and plan,” Wiles said.
Read more: <a href="https://www.blockhead.co/2023/03/08/judge-approves-binances-voyager-acquisition-despite-sec-objections/">Judge Approves Binance's Voyager Acquisition Despite SEC Objections</a>
Now, after all the back and forth, Binance has withdrawn from the deal, leaving Voyager and its customers hanging in the balance.
"We will now move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days," Voyager tweeted.
<blockquote class="twitter-tweet">
 2/ Consistent with the plan, we will now move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days.— Voyager (@investvoyager) <a href="https://twitter.com/investvoyager/status/1650921889143963649?ref_src=twsrc%5Etfw&amp;ref=blockhead.co">April 25, 2023</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<hr>
The world of Web3 can be quite a whirlwind. Whether it’s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:
<ul>
 <li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer">BlockBeat</a> for a wrap-up of the week’s digital assets news</li>
 <li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li>
 <li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer">Business Bulletin</a> for macroeconomic updates and industry developments.</li>
</ul>
To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer">here</a> to subscribe for FREE.

After All the Drama, Binance Cancels Voyager Deal

目录

Blockhead

发布于 2023年4月26日的其他文章

@StakeHighRoller Joins Best Sports Betting Twitter Accounts to Follow with $1 Billion Bets Posted...

The Bahamas to Enforce Stricter Crypto Rules Following the FTX Meltdown (Report)

What is Render Network? RNDR Price Prediction 2023, 2024, 2025

Coinbase Takes Legal Action Against SEC for Lack of Regulatory Clarity

SlowMist Investigates Forged Web3 Wallets’ 3rd-Party Sources

Bitcoin Up 79% YTD as Another Banking Crisis Looms

订阅我们免费的电子期刊，获取每日最新加密领域动态！