Voyager Digital: Binance terminates $1.3 billion purchase agreement

By Sarah Lizee

Olympia, Wash., April 25 – Voyager Digital Ltd. received a notice of termination from BAM Trading Services Inc. (Binance US) of its agreement to purchase Voyager’s assets for $1.3 billion, according to documents filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

Voyager said that at this time it plans to exercise the toggle option under its Chapter 11 plan, through which the debtors will return crypto and cash directly to creditors via the Voyager platform.

The company said it will provide more information on its next steps and any actions that customers need to take in the coming days.

Voyager said it reserves all rights with respect to Binance’s purported termination of the asset purchase agreement, including with respect to the reverse termination fee owed by Binance to the debtors, and the $10 million deposit made by Binance.

As previously reported, Voyager’s Chapter 11 plan was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on March 3.

In late March, the Binance deal was temporarily stayed by a Manhattan district court.

Voyager Digital is a cryptocurrency broker based in New York. The company filed bankruptcy on July 5, 2022 under Chapter 11 case number 22-10945.

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