Binance cancels Voyager acquisition

After surmounting various obstacles to acquire the assets of the bankrupt Voyager Digital crypto lending firm, Binance.US abruptly backed out of the $1.3 billion deal.

Binance cited "hostile and uncertain regulatory climate" as its reason for calling off the acquisition. A recent lawsuit from the CFTC against Binance and its CEO Changpeng "CZ" Zhao likely contributed to the cancellation, as it seems clear that Binance is being increasingly scrutinized by US regulatory and law enforcement bodies.

The acquisition had been supported by a massive majority of Voyager creditors, who were looking forward to recovering 73% of their assets trapped on the platform. Now that number is uncertain, but likely to be a good deal lower. Attorneys for Voyager estimated the recovery now would likely be between 40 and 65%.