BinanceUS decides not to acquire Voyager Digital
BinanceUS decided not to purchase Voyager Digital assets citing the uncertain regulatory environment in America.
BinanceUS, an independent subsidiary of Binance.com, is a fully regulated crypto exchange in the US. In the past, BinanceUS faced several investigations over its undisclosed relationship with Binance.com.
On 26 April 2023, BinanceUS announced that the exchange decided to terminate the asset purchase agreement with Voyager Digital, a bankrupt crypto lending platform.
BinanceUS also explained that the exchange was trying to help the Voyager Digital customers, who faced huge losses because of the meltdown of Voyager, but the current uncertain regulatory environment in the country forced them to take this difficult decision to step back.
Many Crypto Twitter users claimed that America’s bad crypto regulation system surely brought a very bad outcome for US crypto investors.
Voyager Digital downfall
In May 2022, the crypto industry faced very high sell pressure because of the usual crypto winter fear among crypto Investors.
In that highly volatile phase, Terra (Luna) crypto empire collapsed badly and also brought a very bad outcome for almost all the crypto lending platforms, including Voyager Digital.
On 1 July 2022, Voyager suspended almost every type of services on the platform temporarily but 5 days later Voyager announced that the company filed for bankruptcy protection under the Chapter 11 code.
FTX exchange, now collapsed & bankrupt, was the first to win the bid to acquire the Voyager platform but when Voyager itself collapsed badly in Nov 2022 then BinanceUS jumped to acquire Voyager.
Now it will be interesting to see which company will show interest in this collapsed crypto lending platform.
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