Voyager took to Twitter to announce that Binance.US has backed out of its agreement to purchase the company’s assets.
The announcement comes after the US government approved a $1 billion takeover deal completed by the US subsidiary of the crypto exchange after previously putting the acquisition plan on hold.
Binance.US travel deal fails
Traveler declared that they had received a termination letter from Binance.US. Voyager announced that Binance.US was officially canceling the asset acquisition agreement after a lengthy process that included interference from US authorities.
Additionally, he received the termination letter from the US branch of Binance, which was supposed to terminate the billion dollar transaction.
On Twitter, Voyager called the development “disappointing” but stuck to their Chapter 11 strategy. Additionally, they said they would “immediately return value to customers through direct distributions.”
Afterwards, the tweet said, “We will be providing more information on next steps and what actions customers should take in the coming days.”
Binance.US’ acquisition of Voyager has dominated the crypto market in recent weeks. The exchange was supposed to pay around $20 million in refunds to Voyager customers in the US, but the deal now appears to be void.
US authorities, however, blocked the deal due to concerns that laws had been broken. Alternatively, the government had cleared the proposal, allowing Binance.US to acquire the crypto lender’s remaining assets.
After the reveal, the Voyager VGX token saw a drop of more than 10%, reaching a low of $0.308.
Termination Caused by Regulatory Climate
Binance.US published a statement explaining the dismissal. According to the conversation, this is due to the unstable operating environment created by the unfriendly and uncertain regulatory climate in the United States.
The exchange also declared its commitment to further establish a “safe platform” for clients.