Binance US, the US arm of the global crypto exchange Binance, has called off its plan to buy Voyager Digital Holdings Ltd., a crypto broker that went bankrupt after facing fraud claims and liquidity issues.
Binance Voyager Deal Collapse
The famous Binance voyager deal has been called off. Voyager Digital announced on Twitter that it received a terminating letter from Binance US. You can read more about the binance voyager deal here.
The deal, announced in December 2022, was worth $1.2 billion and was part of Binance US’s strategy to expand its presence and offerings in the US crypto market. Binance US intended to acquire Voyager’s assets, such as its customers, technology, and licenses, and merge them with its operations.
However, the deal encountered several obstacles and delays, such as regulatory scrutiny, legal disputes, and technical problems
Binance US associated the cancellation of the deal due to ย “hostile and uncertain regulatory climate in the United States” which has “introduced an unpredictable operating environment impacting the entire American business community.”
Voyager said in a separate statement that it respects Binance US’s decision and will continue pursuing its restructuring plan and will work on returning value to its customers.
The Binance Voyager deal’s cancellation is a blow for both Binance US and Voyager, as they hoped to leverage each other’s strengths and resources to increase their market share and compete with other crypto platforms in the US. Binance US is currently ranked as the ninth-largest crypto exchange by trading volume.
The deal is also a sign of the challenges and uncertainties the crypto industry faces in the US, where regulators have been cracking down on unlicensed and non-compliant crypto businesses. Binance US has been investigated by the Commodity Futures Trading Commission (CFTC) and the Department of Justice (DOJ) for possible violations of anti-money laundering and securities laws. The company has also faced difficulties hiring and retaining key executives and staff members.
For any time, on-demand analysis on any other coin, you can join our Telegram channel.
How to Make Money with IoT Crypto. A Look at the Top 3 Crypto in the IoT space
Wrapped BNB : Powerful Link Uniting Binance Chain and Binance Smart Chain
Score Big with BAR: Exploring FC Barcelonaโs Crypto Fan Token
Football Fan Tokens: The Future of Fan Engagement in the Crypto World