Binance.US backs out of a $1.3 billion deal to purchase Voyager’s assets
Binance.US has terminated a $1.3 billion deal to buy assets of bankrupt crypto lender Voyager Digital for in a $1.3 billion deal., citing a “hostile and uncertain regulatory climate.” The news comes following a WSJ report that Binance.US was struggling to find a new banking partner following the collapse of Signature Bank.
In a court filing on Tuesday, lawyers representing Voyager stated in a court submission that the company is asserting its rights over a $10 million good-faith deposit paid by Binance.US to Voyager, along with a reverse-termination fee owed by Binance.US.
“The hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community,” a spokesperson for Binance.US said in a statement. “We are focused on creating a safe platform where our customers can participate in the digital asset economy.” The company also said in a tweet on Tuesday:
“Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community.“
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023
Late last year, Binance.US agreed to acquire bankrupt crypto lender Voyager’s assets for $1.02 billion after the deal with after the planned deal with FTX failed. Back in July, Voyager said FTX’s offer to acquire the company was a “low-ball bid dressed up as a white knight rescue.”
Launched in 2019, Binance.US is one of the largest digital asset exchanges by trading volume in the United States and ranks among the top exchanges by volume globally, offering some of the lowest fees on the market for new and experienced retail and institutional traders alike. Binance.US offers a sophisticated user interface and innovative trading features, with the ability to process 1.4 million orders per second, all while maintaining robust compliance and security structures. Today, there are more than 85 tokens and 190 trading pairs available on Binance.US.
Binance.US is America’s home to buy, trade, and earn digital assets. Ranked by Forbes as Best Overall Crypto Exchange for 2021 and 2022. Binance.US offers some of the lowest fees in the industry and provides secure and reliable access to more than 85 of the world’s most popular cryptocurrencies.