Voyager, a digital asset brokerage firm, announced that it has received a letter from Binance.US, terminating its asset purchase agreement. Despite this development, Voyager stated that its Chapter 11 plan allows for direct distribution of cash and cryptocurrency to customers through its platform.
The termination of the asset purchase agreement came as a disappointment to Voyager. However, the company remains committed to its plan of returning value to its customers through direct distributions.
Voyager also noted that it will provide more information on the next steps and any actions customers need to take in the coming days. The firm reassured its customers that it will move swiftly to return value to them via direct distributions, as consistent with the chapter 11 plan.
The chapter 11 plan is a type of bankruptcy filing that allows a company to restructure its operations and debts while remaining in business. In Voyager’s case, the plan allows for the direct distribution of cash and cryptocurrency to customers, bypassing the need for the asset purchase agreement with Binance.US.
This development comes amid a period of increased scrutiny on the cryptocurrency industry by regulators, particularly in the United States. Recently, the Securities and Exchange Commission (SEC) has been taking enforcement actions against several crypto firms, including Coinbase and Kraken, for allegedly violating securities laws.