Voyager Digital has confirmed that it has received a termination letter from Binance.US.
Binance.US, United States branch binance crypto exchange is officially kicked out About the deal to acquire the assets of bankrupt crypto lender Voyager Digital. The digital currency trading platform took to its official Twitter handle to reveal the key reasons behind the decision.
Binance.US said the deal it first proposed in December would not proceed due to uncertainty in the regulatory environment in the US.
“Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager,” the exchange said in a Twitter statement. “While it was our hope throughout this process to help Voyager customers access their crypto in kind, the hostile and uncertain regulatory environment in the United States has created an unpredictable operating environment affecting the entire American business community. presented.”
According to Binance.US, its sole purpose was to create an environment where customers could participate in the digital currency ecosystem in a secure manner. The deal which was valued at $1 billion is tagged as a major source of relief for Voyager Digital Management, its users and creditors as well as its shareholders.
All relevant stakeholders had approved the deal to proceed, however, the exchange agreed that the acquisition of Voyager would not come with additional stress and baggage. The deal to take over Voyager Digital’s assets first became possible after FTX derivatives exchange, the first auction winner, went bankrupt in November last year.
done deal Oppose by several players, including the United States Securities and Exchange Commission (seconds) but Binance.US has received a tip from the court as well as from the Voyager Creditor Committee.
Voyager Digital Responds to Binance.US Pullout
Voyager Digital has Confirmed It received a deal termination letter from Binance.US, a major blow to its bankruptcy plans. However, Voyager Digital said it is still on its way to return value to all of its shareholders, regardless of the situation.
Direct distribution of its assets has been flagged as one of the new ways to repay its creditors, which it is now exploring.
“Today we received a letter from Binance.US terminating the asset purchase agreement. While this development is disappointing, our Chapter 11 plan allows for direct delivery of cash and crypto to customers (a “toggle option”) Voyager Digital’s Twitter update reads, “As planned, we will now move swiftly to return value to customers through direct delivery. We will provide more details on next steps and actions customers can take in the coming days.”
Despite the setback, some community members are happy the deal has gone through, believing Binance could bring additional trouble for the firm.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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