Binance has decided to call off its attempt to purchase the possessions of bankrupt crypto lender Voyager. Which was valued at one billion dollars.
The American division of the biggest crypto trading platform worked tirelessly for months to gain authorization from American authorities for the purchase.
Binance US ended the deal due to a “hostile and uncertain regulatory environment” in the US. This choice follows the CFTC’s recent charges against them for running an illegal digital asset derivatives exchange.
Voyager took to Twitter to announce that their deal with Binance had been canceled. They received a letter from the crypto bank saying:
They will use a “toggle option” in their bankruptcy plan to give back money to investors whose assets were frozen in July.
Voyager stated:
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 distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.
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.
