Key Points

• Binance.US has sent a letter to Voyager that it is pulling out of the deal to acquire the crypto lender
• According to Binance, the regulatory environment in the US is unhealthy, therefore, expanding its business during this period would not be smart enough

Both Voyager and its creditors have been hit with a shocker from Binance.US on Tuesday after Binance.US called Voyager and said hey! Here is the $1.3 billion I proposed to buy your assets with, but now, I’m walking away with it, you want to know why? Ask the US financial regulators.

Crypto businesses in the US are declining bit by bit because of regulators’ crypto crackdown mission, Binance.US is walking away from the deal to buy Voyager because of the unhealthy regulatory environment in the US.

“Today we received a letter from Binance.US terminating the asset purchase agreement,” Voyager wrote in a tweet on Tuesday.

In December last year, the US arm of Binance proposed to buy Voyager for $1.3 billion, since then, there have been intereution of the deal by the court, on January 4, US financial regulators filed reservation rights to Binance’s acquisition of Voyager, claiming that Binance.US did not provide enough details about its ability to consummate such transaction.

“The ability of Binance US to consummate a transaction of this magnitude, which the Debtors value at $1.022 billion, including the nature of Binance US’s business operations after the acquisition,” SEC wrote in the filing at the time.

Some time later, a US judge ruled that the bankruptcy proceeding should proceed before it was halted again last month by a US court.

Meanwhile Binance.US in response to the deal termination said sour regulatory environment for crypto firms hostile in the United States is why it is pulling out of the deal.

“While our hope throughout this process was to help Voyager’s customers access their crypto in kind, the hostile and uncertain regulatory climate in the United States has introduced an unpredictable operating environment impacting the entire American business community,” Binance.US said in a tweet.

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