Binance.US cites hostile regulator and strikes $1.3 billion deal to buy Voyager Digital

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Binance.US, a cryptocurrency exchange set up by Binance chief Changpeng Zhao to serve US customers, has pulled out of a $1.3 billion deal to buy bankrupt crypto lender Voyager Digital, the company announced on Tuesday, citing a lack of clear regulations in the country. for the crypto industry.

See related article: Voyager-Binance. US$1 billion deal should be put on hold, says US Department of Justice

Fast facts

Binance.US tweeted on Tuesday that while its hope throughout this process was to help Voyagers customers access their crypto, the hostile and uncertain regulatory climate in the US has introduced an unpredictable operating environment impacting all of the American business community.

Voyager, which filed for Chapter 11 bankruptcy in July, tweeted in response: While this development is disappointing, our Chapter 11 plan allows direct distribution of cash and crypto to customers (a toggle option) via the Voyager platform.

A Voyager creditors committee tweeted on Tuesday that they were incredibly disappointed with the decision and were investigating potential claims against Binance.US.

In March, Voyager received court approval to sell its assets and transfer its clients to Binance.US, overturning a January limited objection from the U.S. Securities and Exchange Commission, which said the deal lacked details on Binances’ ability to complete the deal.

The deal was also pushed back by the US Department of Justice, which said in March the deal should be put on hold while legal objections are resolved.

See Related Article: Voyager Obtains Court Approval to Sell Assets to Binance US in $1.3 Billion Deal

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