Binance.US has terminated its proposed $1 billion acquisition deal with Voyager after the American arm of the crypto exchange issued a letter to Voyager. This news comes after the US government had given the green light to the acquisition deal, which had previously been halted due to concerns that laws had been violated. Voyager has since commented on the development, noting that it is “disappointing” but that they will move swiftly to return value to customers via direct distributions.
The proposed acquisition by Binance.US had been making headlines in the crypto space over the past few weeks, with the exchange set to pay around $20 million for repayments to Voyager customers. However, the deal is now said to be void, with Binance citing the “hostile and uncertain regulatory climate” in the US as the reason behind the termination.
Despite the disappointment of the termination, Voyager is confident in its Chapter 11 plan, which allows for direct distribution of cash and crypto to customers via the Voyager platform. The company has stated that it will provide more information on the next steps and any actions customers need to take in the coming days.
It is clear that the regulatory climate in the US is having an impact on the crypto industry as a whole, with Binance citing this as the reason for the termination. However, the exchange has made clear its intention to continue developing a safe platform for users and the decision to terminate the acquisition was a difficult one.