The US subsidiary of leading crypto exchange Binance is pulling 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 proceed with the sale after ruling against the U.S. Securities and Exchange Commission’s (SEC) argument that parts of the deal could violate securities laws .
In a new statement, Binance.US announced that it is canceling the asset purchase agreement due to regulatory uncertainties.
“Binance.US has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager. While we hoped during this process to help Voyager’s clients access their crypto in kind, the hostile and uncertain regulatory environment in the United States has introduced an unpredictable work environment that impacts all of corporate America. We are focused on creating a secure platform where our clients can participate in the digital asset economy.”
Binance.US is pulling 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 say it is appalled by the decision, but is now considering its next course of action.
“About 2 hours ago, Binance.US claimed to terminate the asset purchase agreement with Voyager. The committee is incredibly disappointed with this decision and is investigating possible claims against Binance.US.
In the meantime, the Committee and Voyager are focused on immediately exercising the exchange option under the Plan to immediately proceed with self-liquidation.
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