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Binance's Acquisition of Voyager Disrupted, Voyager to Launch Customer Fund Return Mechanism

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Last year, the cryptocurrency broker Voyager, which had filed for bankruptcy reorganization, was expected to be acquired through auction by Binance.US. However, after regulatory agencies expressed opposition multiple times, Binance ultimately rejected the deal. Voyager's official statement expressed regret and mentioned that they will directly refund cash and cryptocurrencies to customers through the Voyager platform.

What were the reasons for the regulatory opposition? The three major regulatory agencies simultaneously raised objections, citing concerns that the Binance.US and Voyager transaction involved the sale of unregistered securities.

Binance Terminates Acquisition, Voyager to Directly Return Customer Assets

Voyager officials confirmed the news of Binance terminating the asset purchase agreement. Despite the disappointment in this development, Voyager's bankruptcy reorganization plan allows for the direct distribution of cash and cryptocurrencies to customers through the Voyager platform (switch option).

Voyager stated that they will take swift action and provide further steps and more information on what customers need to do in the coming days.

Remaining Asset Value of Voyager

According to the analysis by on-chain analyst Yu Jin, Voyager currently has approximately $1.04 billion in assets available for liquidation, including:

  • Cash: Since February, they have retrieved $697 million in USDC by selling various tokens, of which $569.8 million USDC has been exchanged for dollars.
  • Cryptocurrencies: They currently hold around $471 million worth of cryptocurrencies, including 5,855 Bitcoins, 48,563 Ethereum, and coins like SHIB and VGX.