Voyager announced on Twitter that Binance.US has withdrawn its agreement to purchase the company’s assets.
The announcement comes after the U.S. government approved a $1 billion acquisition deal made by the cryptocurrency exchange’s U.S. subsidiary after previously putting the acquisition plan on hold.
Binance.US Voyager Contract Fails
Voyager said You have received a notice of termination from Binance.US. Voyager has announced that Binance.US has officially canceled its asset acquisition deal after a lengthy process involving interference from US authorities.
Additionally, we received a termination notice from the Binance American branch, apparently closing the $1 billion trade.
On Twitter, Voyager called the development a “disappointment” but kept to its Chapter 11 strategy. Additionally, they said they “immediately pass value back to customers through direct sales.”
The tweet went on to say, “We will provide more information on next steps and actions customers should take in the coming days.”
The acquisition of Voyager by Binance.US has taken the cryptocurrency market by storm in recent weeks. The exchange was supposed to pay back U.S. Voyager customers about $20 million, but the deal now appears to have been voided.
However, US authorities blocked the deal over concerns that the law was being broken. Alternatively, the government approved the proposal, allowing Binance.US to acquire the rest of the cryptocurrency lender’s assets.
After the exposure, Voyager token VGX dropped more than 10% to reach a low of $0.308.
![Binance.US Cancels $1 Billion Purchase of Voyager - 1](https://crypto.news/app/uploads/2023/04/image-31.png)
Termination due to regulatory environment
Binance.US is statement Explain dismissal. According to the conversation, this is due to a volatile operating environment brought on by an unfriendly and uncertain regulatory environment in the United States.
The exchange also expressed a commitment to further establish a “secure platform” for its customers.