2023-05-05
Binance.US, the US-based subsidiary of cryptocurrency exchange Binance, has called off its planned $1.3 billion deal to acquire the assets of Voyager Digital Ltd.
Ref: (1) Binance.US 🇺🇸 on Twitter
On April 26, 2023, Binance US terminated its agreement to purchase the assets of Voyager Digital Holdings, a failed cryptocurrency broker, for $1 billion. The decision came after months of disputes and government regulatory intervention. Binance US cited unfriendly and uncertain regulatory environments in the United States as the reason for the decision.
Voyager was one of the first crypto platforms to seek protection under Chapter 11 bankruptcy, with FTX US winning the auction for its assets in September 2022 for approximately $1.4 billion.
The cancellation of the
Binance.US-Voyager deal is a blow to both companies, as they had hoped to
leverage each other's strengths to compete in the fast-growing cryptocurrency
market. It remains to be seen what impact the cancellation will have on the
companies' respective valuations and future plans.
A few months later, FTX International faced its own downfall, and Bankman-Fried was arrested on criminal charges. The agreement fell apart, and in December, Binance US joined the fight with an offer of approximately $1 billion at the time.
