Voyager Digital has announced that Binance.US had terminated its asset purchase agreement, and that they would instead be distributing cash and crypto to customers through its own platform as a “toggle” in its court-approved restructuring plan.
The company has said:
“Today we received a letter from Binance.US terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a ‘toggle option’) via the Voyager platform.”
Binance.US has stated that the uncertain US regulatory climate was the cause for their decision to back out of the sale.
Despite the setback, 97% of the 6% of creditors who voted on the proposed Voyager plan voted in favor, with the agreement promising a 73% recovery of assets for customers.
