Binance.US has terminated the agreement to buy the assets of crypto platform Voyager Digital due to the “hostile and uncertain” regulatory climate in the United States.
As a reminder, After a bitter legal battle between financial regulators and the bankruptcy judge, Binance is allowed to get its hands on nearly $1 billion in assets held by the bankrupt broker Voyager.
But the platform has just announced that it is backtracking on the agreement to buy back customer assets.
Indeed, on Tuesday evening, Voyager said it received a letter from Binance.US informing it of the termination of the current agreement.
While disappointing, our Chapter 11 plan allows for direct distribution of cash and crypto to customers via the Voyager platform […] We will now move quickly to return value to customers via direct distributions,” Voyager reported.
The U.S. arm of the giant Binance, meanwhile, said it was a difficult decision.
“While our hope throughout this process was to help Voyager customers access their crypto, the hostile and uncertain regulatory climate in the U.S. has introduced an unpredictable operating environment impacting the entire U.S. business community,” Binance.US tweeted.
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Written by Laeti Marison (SatoshiBelle)