Binance.US withdraws from $1.3B Voyager crypto deal

By Ovunc Kutlu

ISTANBUL (AA) - Binance.US, the American regulated platform of the world's biggest cryptocurrency trading platform, withdrew from a $1.3 billion deal to buy crypto brokerage Voyager Digital Holdings.

"Today we received a letter from http://Binance.US terminating the asset purchase agreement," Voyager said on Twitter. "While this development is disappointing, our Chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform."

Voyager said it will now move quickly to return value to its customers via direct distributions.

The company was part of the last year's "crypto winter" when many cryptocurrency firms faced financial hurdles, including FTX, Three Arrows Capital, Celsius, Genesis and BlockFi, and later Luno in January.

After the implosion of Terra's Luna and UST tokens last year, Voyager entered Chapter 11 bankruptcy in July.