Binance.US terminates $1 billion Voyager deal
Binance.US has reportedly terminated its deal for assets of Voyager Digital.
The $1 billion deal had been approved by a US court.
The price of VGX, the native Voyager token, fell more than 10% after the news.
Binance.US has terminated its acquisition deal for the assets of Voyager Digital, according to a tweet posted on the bankrupt crypto lender’s Twitter account.
“Today we received a letter from Binance.US terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform,” the announcement read.
1/ Today we received a letter from https://t.co/yG7Airmib5 terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.
— Voyager (@investvoyager) April 25, 2023
The Voyager token VGX fell more than 10% after the news, trading to lows of $0.317.
The purchase agreement for Voyager assets has been somewhat on and off, with Binance.US first being blocked from the deal by US authorities before a court allowed it to proceed. Despite the latest setback, the Voyager Chapter 11 plan team says the key is to return value to the platform’s customers.
“Consistent with the plan, we will now move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days,” the tweet read.
Voyager filed for bankruptcy in July 2022 after a market turmoil amid contagion forced it to halt withdrawals.
Binance.US had not released a statement on the development at the time of going to press.