Just in: Binance.US Terminates the Voyager Acquisition Deal

• The US government recently gave the green light for the deal to proceed.

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Voyager Digital revealed on Tuesday, April 25th, that Binance.US has called off a $1.3 billion deal to buy its assets. The bankrupt crypto lender confirmed the news in a tweet, noting that “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 via the Voyager platform.”

Voyager further tweeted that,

Under the terms of the asset purchase agreement, http://Binance.US is required to destroy all customer information that it has received and permanently close and remove any accounts established with Voyager customer information.

Voyager added that it would “provide more information on next steps and any actions customers need to take in the coming days.” As mentioned earlier, the deal between Binance US and Voyager had a stunning value of $1.022 billion. At first, the deal belonged to FTX US. However, the transaction failed after the exchange collapsed.

2/ 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.

— Voyager (@investvoyager) April 25, 2023

Additionally, Binance US was required to make a $10 million good-faith deposit and cover up to $15 million in Voyager’s expenses. The acquisition process has been far from smooth for Binance.US. The exchange faced roadblocks from several US authorities, including the Department of Justice (DoJ) and the US Securities and Exchange Commission (SEC).

This is a developing story and will be updated to include official comments and new details.

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