Binance US terminates deal to acquire Voyager Digital

The firm cancelled its $1bn agreement following pressure from financial regulators.

Cryptocurrency exchange Binance US has terminated its agreement to purchase bankrupt cryptocurrency broker Voyager Digital.

On Tuesday, April 25, the exchange sent Voyager a legal notice informing the firm of the transaction cancellation.

Although the four-paragraph document did not explain the reason for the cessation, the decision to cease the acquisition followed months of intervention with several federal and state regulators.

“While our hope throughout this process was to help Voyager's customers access their crypto in kind, the hostile and uncertain regulatory climate in the US has introduced an unpredictable operating environment impacting the entire American business community”, read a tweet from the firm.

Regardless of Binance US’s efforts to close the deal to obtain Voyager Digital, the firm has faced intense regulatory scrutiny and pushbacks from the US Securities and Exchange Commission and the US Federal Trade Commission.

Additionally, the Texas State Securities Board expressed its concerns regarding Binance US's independence from the global exchange Binance.com.

After filing for Chapter 11 bankruptcy, Voyager Digital has been exercising its efforts to exit bankruptcy and return its customers’ funds as quickly as possible.

However, this is the second failed deal for the company, which, like many, felt the wrath of the collapse of FTX.

The firm reportedly said it will seek to pursue a reverse termination fee from Binance US, requesting its $10m deposit return within three days.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Isabella Aslam

Reporter

Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

Similar News