Binance US is abandoning its proposed $1bn acquisition of assets belonging to Voyager Digital, bringing to an end the exchange’s long-running effort to purchase the bankrupt crypto lender’s assets.
Binance US — the American arm of crypto conglomerate Binance — has sought for months to convince regulators to give the green light to the acquisition. Its efforts have run into several road blocks, including opposition from the Securities and Exchange Commission and the Committee on Foreign Investment in the US, or Cfius, an inter-agency panel that screens proposed acquisitions for national security risks.
Voyager Digital tweeted on Tuesday that it received a letter from Binance US advising of the termination. It described the decision as “disappointing”, and said the reorganisation plan in its Chapter 11 bankruptcy proceedings allowed for a direct distribution of cash and cryptocurrency to customers.