Binance.US has reportedly backed out of the Voyager asset purchase deal, which would have seen the cryptocurrency exchange obtain a stake in the brokerage firm. The deal was announced in April 2021 and was expected to be beneficial for both companies, with Binance.US gaining a foothold in the U.S. retail investing market and Voyager being able to leverage Binance’s technological expertise. However, it seems that the deal has fallen through, and the reasons behind Binance.US’s decision are currently unclear. Despite this setback, both companies remain active in the cryptocurrency and investing spaces, and may still pursue other partnerships in the future.
Binance.US Backs Out of Voyager Asset Purchase Deal
In a statement released on April 25, Voyager expressed disappointment on Binance.US’s decision to cancel the acquisition of its assets. According to the embattled company, Binance.US sent a letter on the same day informing them of the termination of the asset purchase agreement. However, Binance has yet to release any official announcement regarding the matter.
Despite the setback, Voyager disclosed that it has already accounted for such scenarios in its plans. It added that its Chapter 11 bankruptcy plan permits direct distribution of cash and crypto back to customers through its platform. As such, the company intends to take the next step and provide further details to customers on any required actions in the coming days. The functionality is already built into its platform and will be toggled on after preparations are complete.
This development has not been well-received by the crypto community, with investors and traders eagerly awaiting more information on the matter. The situation has created uncertainty and raised questions on the future of Voyager’s business operations. Nevertheless, the company remains determined to find a way forward and continue generating value for its customers.
Possible repercussions of the termination of the asset purchase agreement have been the topic of discussion within the industry, with some speculating on the effect on Voyager’s overall financial health. Nonetheless, the company has assured its customers that it is taking active steps to mitigate any impact and is committed to delivering on its promises.
Ultimately, with the world of cryptocurrency and blockchain being highly unpredictable, it is crucial for companies to have contingency plans in place to navigate any unforeseen circumstances that may arise. While the Binance.US fallout has been a setback for Voyager, the company continues to strive towards providing its customers with a seamless and secure platform for crypto trading and investment.