Binance.US calls off $1.3 billion deal for Voyager's assets – Reuters.com

[1/2]Representations of cryptocurrencies and Voyager Digital logo are seen in this illustration taken, July 7, 2022. REUTERS/Dado Ruvic/Illustrations
April 25 (Reuters) – Binance.US has called off its $1.3 billion deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate."
In a court filing on Tuesday, lawyers for Voyager said the company reserves all rights with respect to a $10 million good-faith deposit paid by Binance.US to Voyager, as well as a reverse-termination fee owed by Binance.US.
"The hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community," a spokesperson for Binance.US said in a statement. "We are focused on creating a safe platform where our customers can participate in the digital asset economy."
The move adds another hurdle for Voyager, which has been looking to raise funds through an asset sale to repay creditors after it collapsed into bankruptcy last year. The company had initially agreed to sell its assets to major digital asset exchange FTX, but that deal fell apart when FTX imploded in November.
Binance.US stepped in later, but the acquisition was clouded by regulatory opposition. Last month, a federal judge temporarily stopped Voyager from completing the proposed deal, allowing the U.S. government more time to pursue challenges.
Voyager said following Binance.US's termination of the asset purchase agreement it would proceed to exercise an option to return cryptocurrency and cash directly to its customers through the Voyager platform.
Our Standards: The Thomson Reuters Trust Principles.
Thomson Reuters
Niket Nishant reports on breaking news and the quarterly earnings of Wall Street's largest banks, card companies, financial technology upstarts and asset managers. He also covers the biggest IPOs on U.S. exchanges, and late-stage venture capital funding alongside news and regulatory developments in the cryptocurrency industry. His writing appears on the finance, business, markets and future of money sections of the website. He did his post-graduation from the Indian Institute of Journalism and New Media (IIJNM) in Bengaluru.
Thomson Reuters
Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.
Pacific Gas and Electric Company (PG&E) on Friday said it is prepared to meet increased electricity demand in California this summer with new energy supply amid an ongoing heat wave
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2023 Reuters. All rights reserved

source