Saturday, August 23, 2025

Latest

Binance Pulls Out Of Voyager Deal, Blames “Hostile” US Regulatory Climate

The bankrupt crypto lender Voyager Digital announced on Tuesday that cryptocurrency exchange Binance.US had canceled a $1.3 billion contract to acquire its assets.

“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 stumbling block for Voyager, which has been trying to generate funds through an asset sale to repay its creditors since filing for bankruptcy last year. The company had originally agreed to transfer its assets to large digital asset exchange FTX, but that arrangement fell through when FTX went bankrupt in November.

Binance.US later stepped in, but the transaction was hampered by regulatory objections. A federal judge temporarily halted Voyager’s proposed sale last month, giving the US government additional time to file legal arguments.

Voyager said in a tweet that while the pullout is a disappointing development, the “Chapter 11 plan allows for direct distribution of cash and crypto to customers via the Voyager platform.”

“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 crypto firm added.

The group of Voyager creditors also tweeted that the action has left them “incredibly disappointed” and that they are “investigating potential claims against Binance.US.”

But 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.”

Amid speculation on Twitter that the deal’s demise was linked to an upcoming settlement with the Commodity Futures Trading Commission (CFTC), which has sued parent exchange Binance for selling unregistered crypto derivative products, CEO Changpeng Zhao responded with an emoji of a shrugging figure.

Binance has been sued in a separate lawsuit by the United States. The CFTC has filed a lawsuit against Binance.com, alleging it operates an “illegal” exchange and a “fake” compliance program. Binance.US claims to be completely independent from Binance.com, which acts as the “US partner” of the world’s largest cryptocurrency exchange.

The CFTC denied this in its lawsuit, claiming that Binance employees “dictated Binance.US`s corporate strategy, launch and early operations” and claimed it to have an ongoing relationship with BAM Trading, which was founded and controlled by Zhao.


Information for this briefing was found via Coindesk, Reuters, Forekast, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

G Mining Q2 Earnings: Costing Gone Wild

Aya Gold Q2 Earnings: Production Slips Amid Ramp Up

i-80 Gold Q2 Earnings: Better, But Not Great

Recommended

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

ESGold Signs MOU For Tailings Project In Colombia With Grades Up To 42 g/t Gold, 280 g/t Silver

Related News

JPMorgan Throws Cold Water On Bitcoin Bull Thesis

Amidst growing anticipation surrounding the potential approval of spot bitcoin exchange-traded funds (ETFs), digital assets...

Tuesday, November 14, 2023, 12:06:00 PM

The Binance / FTX Feud Continues… Bankman-Fried Claims Competitor Going After FTX With “False Rumors”

Apparently, the supposed shade-throwing between these two crypto moguls is not yet over. READ: The...

Monday, November 7, 2022, 09:53:37 AM

Voyager Digital Reports At Least 36% Revenue Decline In Q3 Based On Preliminary Results

Voyager Digital (TSX: VOYG) appears to be having a rough start to 2022. After announcing...

Thursday, April 7, 2022, 08:24:36 AM

MicroStrategy’s Debt Problem Grows On Bitcoin Acquisition Strategy; Saylor: “It’s Not Debt”

MicroStrategy (NASDAQ: MSTR), once a prominent software company of the dot-com era, has become synonymous...

Sunday, December 29, 2024, 09:37:00 AM

Microsoft Votes No on Bitcoin Despite Saylor’s Plea

Microsoft Corporation (NASDAQ: MSFT) has officially decided to steer clear of Bitcoin as part of...

Wednesday, December 11, 2024, 12:55:00 PM