blockworks.co
Binance has terminated is $1 billion asset purchase with Voyager — a deal that was officially ready to proceed just days ago.
Bankrupt Voyager called the termination “disappointing,” in its announcement on Twitter.
“Today we received a letter from Binance.US terminating the asset purchase agreement,” Voyager said, adding “our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.”
Binance confirmed the news, blaming an “uncertain regulatory environment in the United States.”
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023
While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
A second tweet in the thread told customers that Voyager will “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.”
1/ Today we received a letter from https://t.co/yG7Airmib5 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) April 25, 2023
Binance’s acquisition of Voyager has been in the works since December, when the two companies agreed to move forward with a $1 billion bid. More recently, the Department of Justice attempted to block the purchase in March, tying up the deal.
Voyager filed for bankruptcy in July 2022, after the collapse of the algorithmic stablecoin TerraUSD. Voyager then suspended activity — including customer deposits, withdrawals and trading — on its platform in early July and officially filed for Chapter 11 bankruptcy protections days later.