Batik cryptocurrency company Voyager has reported that it has received a letter from crypto exchange Binance.US that its purchase agreement has been terminated.
Voyager said in its statement:
“We received a letter today from Binance.US that it has terminated its asset purchase agreement. While this development has been disappointing, our chapter 11 plan allows direct delivery of cash and crypto to customers through the Voyager platform (“pass-through option”).
Consistent with the plan, we will now move quickly to return assets to customers through direct distributions. In the coming days, we will provide more information about the next steps and the steps that customers should take.”
1/ Today we received a letter from https://t.co/yG7Airmib5 terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.
— Voyager (@investvoyager) April 25, 2023
Binance.US has yet to comment on the termination of the deal. The company, led by Changpeng Zhao (CZ), is facing regulatory scrutiny and issues in the US market.
In March 2023, Binance.US was sued by the New York Attorney General for allegedly operating illegally in the state and facilitating money laundering and fraud. Binance.US denied the allegations and said it would cooperate with the authorities.
The agreement between Binance.US and Voyager was for Binance.US to purchase Voyager’s assets for $1 billion after Voyager filed for bankruptcy in December 2022.
The deal was supposed to provide a way for Voyager’s clients to recover their crypto assets via Binance.US’s platform.
The Official Unsecured Creditors Committee in the Voyager case said it was “incredibly disappointed” by this move and could take legal action:
“About 2 hours ago, Binance.US announced that it has terminated its asset purchase agreement with Voyager. The Committee is deeply disappointed with this decision and is investigating possible claims against Binance.US.
At the same time, the Committee and Voyager are focused on promptly using the transition option under the plan to move forward with self-liquidating.
We will provide further updates on timing and other next steps as soon as possible.”
*Not investment advice.
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