Voyager revealed on Twitter that Binance.US has decided to terminate its asset purchase agreement, a development that comes after the US government approved the $1 billion acquisition deal by the American branch of the crypto exchange. Voyager disclosed that they received a letter confirming the termination and subsequently commented on the situation, saying their Chapter 11 plan allows for direct cash and crypto distribution to customers via the Voyager platform.
The uncertain future of the Binance.US-Voyager deal
The Binance.US acquisition of Voyager has recently been a significant topic in the cryptocurrency world. Binance.US had proposed to pay around $20 million for repayments to Voyager customers as part of the deal. However, with the termination of the asset purchase agreement, the future of the acquisition remains uncertain.
Previously, the US government had halted the deal due to concerns that laws may have been violated. However, after granting approval for the acquisition, Binance.US decided to terminate the agreement, leaving the fate of Voyager’s remaining assets in question.
Binance.US cites regulatory challenges as reason for termination
In a statement, Binance.US addressed the reasons behind its decision to terminate the Voyager acquisition. The exchange cited the “hostile and uncertain regulatory climate in the United States” as the primary factor, which has introduced an unpredictable operating environment impacting the entire American business community.
Binance.US emphasized its commitment to building a “safe platform” for users and acknowledged that the decision to terminate the Voyager Digital acquisition was difficult. With the termination now official, Voyager will focus on swiftly returning value to customers through direct distributions, providing more information on the next steps and any necessary actions in the coming days.