Binance’s US arm broke the Voyager deal.
Binance’s US arm, Binance.US, has terminated its agreement with Voyager. However, Voyager Digital has to pay its customers in cash.
Voyager Agreement with Binance.US Concluded
Binance.US’ ongoing bargain with Voyager has been concluded. Binance.US, which wanted to take the assets of the bankrupt organization, terminated the agreement. Binance.US has reportedly terminated its asset purchase agreement from Voyager Digital, the bankrupt crypto lender said on Twitter.
Binance.US’s plan to purchase the assets was approved in bankruptcy court last month. However, the procurement process was subject to government scrutiny. The bankrupt crypto lender said in a statement that Binance.US has canceled its agreement to purchase Voyager Digital’s assets.
Instead, Voyager Digital will distribute cash and crypto to customers using its platform as part of a transition written into a court-approved restructuring plan.
The sale to Binance.US was approved by a bankruptcy court judge last month. Customers would see a 73 percent improvement in their assets under the offer.
The plan, which would allow Voyager customers to become Binance.US customers, has faced significant government scrutiny. The sale process even led the Securities and Exchange Commission (SEC) to disclose that staff believe Binance.US operates an unregistered securities exchange in the United States.
