Binance.US has slammed the brakes on its $1 billion asset acquisition of Voyager ($VYGVQ), a deal that was primed and ready just days ago. Voyager, now bankrupt, expressed its disappointment in a Twitter announcement yesterday:
1/ Today we received a letter from https://t.co/yG7Airmib5 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.
— Voyager (@investvoyager) April 25, 2023
Binance.US confirmed Voyager’s tweet with their own:
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
Users on Stocktwits monitoring the $BNB, $VGX, and $VYGVQ streams have expressed their doubts about why Binance.US announced its withdrawal from Voyager after acquiring all of its customers’ information, such as address and SSN. 🤬
On a positive note, Voyager’s Chapter 11 plan enables direct cash and crypto distribution to customers through the Voyager platform.
Binance’s acquisition efforts date back to December, with a $1 billion bid agreed upon by both parties. However, the Department of Justice threw a wrench into the works in March, attempting to block the purchase.
As this story unfolds, we will inform you of any updates. 📰