- Binance.US pulls back on a $1 billion deal with Voyager Digital.
- A US court had granted approval for the agreement.
- Voyager’s native token, VGX, fell by over 10% in response.
Binance.US has reversed its decision to acquire assets from Voyager DigitalFollowing a tweet posted on the bankrupt crypto lender’s Twitter account.
“Today we received a letter from Binance.US ending the asset purchase agreement. This is an unfortunate development, but our chapter 11 plan allows for direct distribution of cash and digital currencies to customers (a “toggle option”The. Voyager platform is a great way to get started.,” the announcement read.
1/ Today we received a letter from https://t.co/yG7Airmib5 terminating the asset purchase agreement. While This is a disappointing development, as our Chapter 11 plan allows direct distribution of crypto and cash to customers. “toggle option”The. Voyager platform.
— Voyager (@investvoyager) April 25, 2023
In response to the news, Voyager’s native token, VGX, dropped more than 10% to a low of $0.317.
The negotiation process for the acquisition of Voyager’s assets has been turbulent. Binance.US initially blocked the deal before a US court gave the green light. Despite the recent setback, the Voyager Chapter 11 plan team says the goal is to return value to the platform’s customers.
“Consistent with the plan, we will now move quickly to issue direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days,” the tweet read.
Voyager’s bankruptcy was filed in July 2022, and withdrawals were stopped due to the turmoil on the market.
As of the date of publication, Binance.US has not released an official statement.