Binance.US has decided not to proceed with its planned acquisition of Voyager Digital’s assets worth $1.3 billion due to a regulatory climate that is perceived as hostile and uncertain, reported Reuters.
In legal documents filed on Tuesday, Voyager’s attorneys stated that the company retains all rights regarding a $10 million deposit made by Binance.US in good faith, as well as a reverse-termination fee owed by Binance.US.
“The hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community,” a spokesperson for Binance.US said in a statement. “We are focused on creating a safe platform where our customers can participate in the digital asset economy.”
Read more: Binance.US’s Acquisition Of Voyager Digital Hits Various Roadblocks
Voyager faces difficulty in raising funds through asset sale after going bankrupt. An agreement with FTX to sell its assets did not push through due to FTX’s collapse in November.
The acquisition of Voyager by Binance.US faced regulatory opposition, leading to a temporary halt by a federal judge last month. The US government was given more time to pursue challenges.
Voyager announced that it will exercise its option to return cryptocurrency and cash directly to customers through its platform, after Binance.US terminated the asset purchase agreement.
Featured News
Chamber of Commerce Sues to Overturn FTC Non-Compete Ban
Apr 24, 2024 by
CPI
FTC Chief Warns of Healthcare Price Fixing Risks Amid Tech Advancements
Apr 24, 2024 by
CPI
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI