Even though Voyager, the Voyager Official Committee of Unsecured Creditors and the U.S. government have reached an agreement on 19 April 2023 for the acquisition to commence, Binance.US decided to terminate the asset purchase agreement citing the hostile and uncertain regulatory climate in the US.
Voyager and the Voyager Official Committee of Unsecured Creditors expressed their disappointment that the deal fell through via Twitter and revealed that they are currently investigating potential claims against Binance.US.
Binance.US representatives cited by cointelegraph.com expressed that their initial intentions were to help Voyager's customers access their crypto in kind, and motivated their change of heart by pointing to the unpredictable operating environment caused by uncertain regulations in the US, which has impacted the entire American business community.
Binance expressed its intention to purchase Voyager in December 2022, with Binance’s CEO declaring that his company was in a strong financial position. According to his statements in TV interviews, no amount of customer withdrawals can threaten the exchange, since all customer deposits are held one-to-one. At the time, Binance.US officials revealed that Voyager users will be able to access their crypto directly from Binance.US’s platform once the deal goes through. In reality, this would no longer be the case.
In the same month, Binance completed the acquisition of Indonesian crypto trading company Tokocrypt, for which they have been a major shareholder from the very beginning. Yudhono Rawis, Tokocrypto’s interim CEO, said that given the uncertain macroeconomic conditions, the company would be forced to downsize. The exchange’s vice president of corporate communications, Rieka Handayani, revealed that an employee adjustment of around 58% is expected.
According to investopedia.com, the Binance.US cryptocurrency exchange was created by Binance and its US partner BAM Trading Services to serve residents of the United States. Users on the platform can buy, sell, trade, convert and stake over 120 popular cryptocurrencies, including Bitcoin, Ethereum, Solana, and Cardano.
Binance.US offers an online dashboard and mobile apps for users to manage their accounts. Both the desktop and mobile experiences are similar. Once they log into their accounts, users can view their balance, purchase history, and the devices they’ve used to log in previously. They also have the option to deposit and withdraw funds, as well as buy, sell, and trade crypto.
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