- April 27, 2023
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Bankrupt crypto lender has revealed that it’s Voyager Digital’s Asset Purchase Deal with Binance.US has been terminated. The news was delivered in a tweet on Tuesday, in which Voyager stated that it had received a letter from Binance.US confirming the termination. Despite the disappointment of the termination, Voyager emphasized that its Chapter 11 plan enables direct distribution of cash and crypto to customers via the Voyager platform.
Binance.US has attributed the termination to the “hostile and uncertain regulatory climate in the United States,” which has created an unpredictable operating environment impacting the entire American business community. A substantive part of the $1 billion deal was allowed to proceed by the U.S. government in an April 20 filing, despite concerns that the fine print of the contract would pardon breaches of tax or securities law.
The deal had been approved by the vast majority of Voyager creditors who voted, and by bankruptcy judge Michael Wiles. However, lawyers for the U.S. government, including the Securities and Exchange Commission, had sought to block the deal, arguing that some of the assets involved in the transaction, including potentially Voyager’s VGX token, could constitute unregistered securities. As a result of the termination, VGX fell about 11%, trading around $0.3144 on Tuesday.
Voyager Digital’s Asset Purchase
Binance.US’ offer, which was originally made in December, allowed it to back out if the deal wasn’t consummated within four months. Attorneys for Voyager had warned in a recent legal filing that the deal falling apart could cost the estate, and its over 1 million creditors, an extra $100 million.
In response to Twitter speculation that the termination was linked to an upcoming settlement with the Commodity Futures Trading Commission, which has sued parent exchange Binance over selling unregistered crypto derivative products, Chief Executive Officer Changpeng Zhao responded with an emoji of a shrugging figure.
The committee representing Voyager creditors in bankruptcy proceedings has expressed its disappointment with the news and is investigating potential claims against Binance.US. Despite the setback, Voyager remains committed to serving its customers and facilitating direct distribution of cash and crypto via its platform.
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