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Binance.US Wants to Acquire Bankrupt Voyager Digital


www.financemagnates.com 24 November 2022 12:02, UTC
Reading time: ~2 m

Changpeng 'CZ' Zhao, a Chief-Executive Officer (CEO) of Binance, a leading cryptocurrency exchange, confirmed his plans to prepare another offer for acquiring the bankrupt crypto lender, Voyager Digital on Thursday.

In September 2022, Sam Bankman-Fried's (SBF's) crypto exchange FTX won an auction to purchase Voyager Ditial's assets at around $50 million. However, before the deal was finalized, the exchange collapsed, and the crypto lender was still available for purchase.

Reports from last week revealed that Binance.US, the American arm of leading cryptocurrency exchange Binance, was once again preparing a bid for the assets of the bankrupt lending platform. The information was confirmed during Bloomberg's interview with CZ on Thursday.

"Binance.US will make another bid for Voyager now, given FTX is no longer able to follow through on that commitment," CZ said.

An earlier purchase proposal by Binance was rejected over alleged concerns that the takeover could pose a national security threat to the US government. According to CZ, rumors might have been spread by the FTX exchange to exclude competitors from bidding.

The CEO of Binance once again dodged the allegations that his exchange is a Chinese company.

"Binance is not a Chinese company. We are not related to China at all. The company is mistakenly believed to be Chinese because I look Chinese," CZ added. As Zhao reminded us a few months ago, he is a citizen of Canada.

"Binance is not a Chinese company, we are not related to China at all."

CEO Changpeng "CZ" Zhao (@cz_binance), who is considering a bid for assets of bankrupt crypto firm Voyager, said on @BloombergTV his company is mistakenly believed to be Chinese "because I look Chinese" pic.twitter.com/Wqos9XTeW5

— Bloomberg Crypto (@crypto) November 24, 2022

Binance Benefited from FTX Collapse

The collapse of FTX not only allowed Binance to return to its attempt to acquire Voyager Digital but also improved the platform's market share. According to the recent report by CoinGecko, Binance's market share increased by seven percentage points after the FTX crisis to 64%.

The same report shows that the collapse of the SBF cryptocurrency exchange hit south Korean, Singaporean and Japanese markets the hardest. These countries together accounted for more than 15% of global traffic to the FTX.com website on a monthly basis.

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