Binance Bails on $1B Voyager Asset Deal
The deal was announced in December and faced DOJ scrutiny
mundissima/Shutterstock modified by Blockworks
Binance has terminated its $1 billion asset purchase with Voyager — a deal that was officially ready to proceed just days ago.
Bankrupt Voyager called the termination “disappointing,” in its announcement on Twitter.
“Today we received a letter from Binance.US terminating the asset purchase agreement,” Voyager said, adding “our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.”
Binance confirmed the news, blaming an “uncertain regulatory environment in the United States.”
A second tweet in the thread told customers that Voyager will “move swiftly to return value to customers via direct distributions. We will provide more information on next steps and any actions customers need to take in the coming days.”
Binance’s acquisition of Voyager has been in the works since December, when the two companies agreed to move forward with a $1 billion bid. More recently, the Department of Justice attempted to block the purchase in March, tying up the deal.
Voyager filed for bankruptcy in July 2022, after the collapse of the algorithmic stablecoin TerraUSD. Voyager then suspended activity — including customer deposits, withdrawals and trading — on its platform in early July and officially filed for Chapter 11 bankruptcy protections days later.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
