Binance.US has planned to purchase the entire portfolio of customer deposits and crypto assets from cryptocurrency exchange Voyager for USD 1.02 billion.
Binance.US is a subsidiary of the global crypto exchange Binance, active in the US market. In July 2022, Voyager Digital declared its bankruptcy, after Three Arrows Capital (a crypto hedge fund) didn’t manage to sustain a noteworthy loan extended by the crypto exchange. When it filed for bankruptcy, Voyager had assets worth approximately USD 1.3 billion and had to receive repayments of over USD 650 million from Three Arrows Capital (3AC). For comparison, at the end of 2021, Voyager’s total assets were worth USD 5.8 billion.
Voyager released a press release stating the offer it received from Binance.US was the highest bid for the company’s assets after Voyager reviewed its available options with the strategy to maximize the value of what the company had to return to customers and creditors in an accelerated timeframe.
Changpeng CZ Zhao introduced Binance in 2017, gathering more than 1 million users in the US just in five months of existence. In 2019, Binance’s CEO decided to create Binance.US to focus solely on US operations, serving as a clearing house for regulatory inquiries and to deal with concerns expressed by federal regulators.
Initially, the users (more than 1.7 million) who were waiting to see Voyager’s outcome expected to reap the benefits flowing from the deal Voyager made with FTX. Users were promised account credits and custody of particular FTX-supported cryptocurrencies. However, soon after, FTX went into bankruptcy and Voyager was left stranded.
