Binance.US Pulls Out of Voyager Deal
Binance.US Pulls Out of Voyager Deal
Binance.US, the American arm of the cryptocurrency exchange Binance, has decided to cancel its $1.3 billion deal to acquire the assets of Voyager Digital, a Canadian crypto broker. The deal, which was announced in September 2021, was supposed to close by the end of March 2023, but faced regulatory hurdles and delays.
According to a joint statement from both companies, they mutually agreed to terminate the agreement due to "the current market environment and other factors". They also said they will continue to explore other ways to collaborate in the future.
The deal was seen as a way for Binance.US to expand its customer base and product offerings in the US market, where it competes with rivals like Coinbase and Kraken. Voyager Digital, on the other hand, was hoping to benefit from Binance.US's technology and liquidity.
However, the deal faced scrutiny from regulators in both countries, who have been tightening their oversight of the crypto industry amid concerns about money laundering, consumer protection and market manipulation. Binance.US also faced leadership changes and legal challenges in recent months, which may have affected its ability to complete the deal.
