Binance Terminates $1 Bn Voyager Acquisition Deal, Now What’s Next?

Voyager Digital, a defunct crypto lender, announced that Binance.US has cancelled its agreement to purchase assets from Voyager. As per the court-accepted reorganization plan, Voyager will offer clients a “toggle option” on its platform, allowing them to choose between receiving cash or cryptocurrency.

Binance Ends $1B Voyager Deal

Just a month ago, a U.S. bankruptcy judge approved the sale of Voyager Digital's assets to Binance.US, which would have resulted in customers receiving 73% of their funds back. However, claims from the defunct crypto exchange FTX and its subsidiary Alameda Research could have reduced this amount to 48%. Despite a 97% yes vote from the 6% of creditors who voted on Voyager's proposed plan, Binance.US has since canceled the agreement.

The proposal for Voyager customers to transfer to Binance.US was subjected to significant scrutiny by regulatory authorities, prompting the Securities and Exchange Commission to allege that Binance.US was conducting unregistered securities trading within the US. This may have contributed to Binance.US's decision to terminate the agreement with Voyager Digital.

The committee of unsecured creditors expressed their dissatisfaction with Binance.US's decision to cancel the deal in a tweet, and is reportedly considering legal action against the exchange. Voyager and the committee are now focused on utilizing the “toggle option” outlined in the reorganization plan to proceed with a self-liquidation.

As a result of this news, the price of Binance's native cryptocurrency, BNB, saw a decrease of around 0.22% within the last hour. At the moment, BNB is trading at $329.46 with a market capitalization of approximately $52 billion.

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