If you are one of the thousands of customers of the bankrupt crypto company Voyager Digital, you will have to wait even longer to see your funds locked as hopes to buy Binance. Crushed flat.
Voyager confirmed to Binance the US has terminated its planned purchase of bankrupt crypto broker Voyager’s $1.3 billion assets in a tweet on Tuesday. The company said the decision was “disappointing” but it still pledged to distribute clients’ money during its ongoing bankruptcy. Meanwhile, the official Voyager Committee of Unsecured Creditors, the group of Voyager investors supposed to represent all people locked away with their money, claimed It will investigate Potential Claims against Binance.US.
encryption broker Voyager disrupted user trading and filed for Chapter 11 bankruptcy In July last year. Voyager, then He sought to strike a deal with Binance.US That would have had the exchange buy all of its assets, including trapped Voyager customers and $1.3 billion worth of assets, for about $1 billion. Binance.US CEO Brian Schroder previously promised that they would re-crypt users on the “fastest schedule” once a deal is reached.
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in filing for bankruptcy On April 25, Voyager is due a termination fee and a $10 million deposit initially raised by Binance.US. Still, Voyager creditors have previously done so claimed In court documents that if the deal does not go through, Voyager customers stand to lose about $100 million.
Binance CEO Changpeng Zhao has already make a hum Reneging on the deal most recently in early March. Although the purchase agreement cleared bureaucratic hurdles late last month, the judge handling the Voyager purchase, US District Judge Jennifer Redden, Put a knot on the deal, citing objections from federal and state financial regulators.
The Securities and Exchange Commission along with New York financial regulators Issued objections to the planned acquisition, saying that the deal was taking place in unregistered securities. Less than a week ago, the court allowed the bulk of the billion-dollar deal He runs forward While the appeal was in progress. Voyager’s lawyers shared their concerns about Binance.US pulling out of the deal after the 4-month deadline expired. The bankrupt company has appealed to court to speed up the appeals process, though He refused their request.
The company was just one of them Many coded dominos to fall This past spring, thousands upon thousands of customers were left without access to millions of dollars of funds holed up in these bankrupt crypto companies and exchanges. It is possible that Binance.US, which still claims to be just a “partner” of the global Binance brand, is more concerned about its own problems, such as this. An ongoing lawsuit against the CFTC middle Fears of a full US criminal investigation.
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