Binance.US Announces Agreement to Acquire Assets of Bankrupt Crypto Firm Voyager

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Binance.US, which is led by CEO Brian Shroder, is only available to users in the United States and remains a separate entity from the international trading platform Binance, owned by Changpeng (CZ) Zhao.

Voyager claims that the Binance.US offer is worth just over $1 billion, which is an estimate of the value of Voyagers’ crypto profile plus an additional $20 million in consideration. As part of the agreement, Binance.US will deposit $10 million and reimburse Voyager for certain expenses up to a maximum of $15 million. While FTX US was originally set to acquire the assets of Voyagers, that deal fell through following its catastrophic collapse and the fall of its founder, Sam Bankman-Fried. Shroder says the company’s goal is to allow Voyager customers access to their assets next March.

With the collapse of FTX, the scrutiny of the crypto market is coming to a head. Just today, Reuters reported that Binances finances are essentially a black box that keeps Binance.com activity secret. And as investors grow increasingly concerned about the state of the cryptocurrency industry, Shroder and CZ have tried to inspire confidence in their clients, whether through Q&A sessions. or by publishing evidence of reservations. Shroder says Binance.US is well capitalized and the company maintains 1:1 reserves. All of our clients could withdraw their assets tomorrow which is their right and we would still have hundreds of millions in current assets, he says .

We hope our selection ends a painful bankruptcy process that has seen clients unfairly dragged away through no fault of their own, Shroder says. Our goal is simple: get users back their cryptocurrency as quickly as possible.

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