Binance US terminates asset purchase agreement with Voyager amidst uncertain regulatory climate
Binance US announced that it had terminated its asset purchase agreement with Voyager, a bankruptcy crypto lending platform. The decision to end the agreement comes amid an uncertain regulatory climate in the United States, which is impacting businesses across the country.
In a tweet on April 25th, Binance US stated that it had made the difficult decision to exercise its right to terminate the agreement. The exchange had hoped to help Voyager’s customers access their cryptocurrency in kind, but the unpredictable regulatory environment has made it difficult for Binance US to operate in the US market.
https://t.co/AZwoBOgsqS has made the difficult decision to exercise its right to terminate the asset purchase agreement with Voyager.
While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate…
— Binance.US 🇺🇸 (@BinanceUS) April 25, 2023
The US regulatory authorities, including the Securities and Exchange Commission (SEC) and various state regulators, have been scrutinizing the cryptocurrency industry for some time now. The regulatory crackdown has made it difficult for businesses to navigate the complex and often confusing regulatory environment.
This news follows a recent appeal filed by the U.S. Department of Justice (DOJ) challenging a New York bankruptcy judge’s approval of Binance US’s billion-dollar plan to acquire the assets of Voyager Digital. The appeal comes after the SEC filed an objection to the purchase, arguing that Binance.US may be violating federal securities laws by operating an unregistered securities exchange in the US.
Binance US is now focused on creating a safe platform where its customers can participate in the digital asset economy. The exchange has been working to establish itself as a reliable player in the market, but the regulatory challenges have made it difficult for the company to operate in the country.
The termination of the asset purchase agreement with Voyager Digital is a significant setback for Binance US in the US market. The company will need to reassess its operations and find ways to navigate the complex regulatory environment to remain competitive in the market.
Read more:
- Voyager Sells $56 Million In Assets Following Binance.US Acquisition Approval
- US Judge Approves Binance’s Acquisition Of Voyager
- Voyager Digital Sells Over $350 Million In On-Chain Assets In Past Six Weeks