The US subsidiary of leading crypto exchange Binance is backing out of the $1.3 billion deal to acquire the assets of bankrupt crypto lender Voyager Digital.
Just last month, a bankruptcy court gave Binance.US and Voyager the green light to push through with the sale after ruling against the argument of the U.S. Securities and Exchange Commission (SEC) that parts of the agreement could violate securities laws.
In a new statement, Binance.US announced that it is calling off the asset purchase agreement citing regulatory uncertainties.
“Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. 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 United States has introduced an unpredictable operating environment impacting the entire American business community. We are focused on creating a safe platform where our customers can participate in the digital asset economy.”
Binance.US is backing out of the deal as the Commodity Futures Trading Commission (CFTC) accuses the exchange of committing numerous violations of US laws.
In a series of tweets, the Voyager Official Committee of Unsecured Creditors says it is dismayed by the decision, but is now looking at its next course of action.
“Around 2 hours ago, Binance.US purported to terminate the asset purchase agreement with Voyager. The Committee is incredibly disappointed with this decision and is investigating potential claims against Binance.US.
In the meantime, the Committee and Voyager are focused on promptly exercising the toggle option under the Plan to move forward immediately with a self-liquidation.”
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