YEREVAN (CoinChapter.com) – Bankrupt crypto lander Voyager, hit by the Terra contagion wave in Q2 2022, announced Binance.US has agreed to buy its assets for $1.02 billion.

Binance.US will acquire Voyager funds for $1.02 billion

According to the press release, Voyager chose Binance “as the highest and best bid for its assets.” The final decision came “after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”

“The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities,” further commented Voyager.

The new CEO of Binance.US, Brian Shroder, said he hoped the acquisition “brings to an end a painful bankruptcy process that saw customers unfairly dragged into it at no fault of their own.”

At Binance.US, we take a customer & compliance first approach to every business decision we make. We’re one of the most licensed digital asset exchanges in the country – operating in 46 states & 3 territories – & we NEVER trade or lend our customers’ funds.

stated Shroder.

Also read: Binance’s CZ advocates against self-custody wallets, while BNB loses 10%

Notably, after the bankruptcy, FTX, now bankrupt as well, offered to buy out Voyager, outbidding Binance at the time. However, Voyager called the proposal a “low ball,” adding that it served FTX more than voyager customers.

Fast forward to Dec 19, it is not yet clear how Voyager’s pending acquisition may impact Binance’s stake in the FTX-Alameda bankruptcy. Binance announced its intention to extend the Voyager proposal in late Nov, before the exchange itself got caught up in controversy.

The “ploy” exchange does not have the best intentions, says Dirty Bubble Media.

Dirty Bubble Media, a substack publication focused on “popping frauds,” bashed Binance in a recent article. In detail, Mike Burgersburg commented on Binance.US’ connection to its parent company. According to the outlet, Forbes possessed a leaked document stating that Binance.US was created as a ploy, a compliant player, to ease US government surveillance of the parent Binance.

FTX/Alameda 2.0? Binance.US sought help from the parent exchange.

On [Dec 17] Binance.US temporarily halted withdrawals of the Tether stablecoin (USDT). It turned out that Binance.US apparently didn’t have enough USDT in its wallets to pay back customers for several hours. The USDT balance in the main Binance.US wallet dropped to its lowest level ever ($197,000) during this time period.

commented the publication.

Simultaneously, the platform postponed its scheduled update until further notice.

Also Read: Binance FUD Continues With “Eye-Popping” Withdrawals — CZ Not Worried.

Shroder’s tweet clearly stated that Binance.US allegedly “NEVER trades or lends” customers’ funds. However, Dirty Bubble Media dug deeper, revealing closer-than-expected ties between the ‘unrelated’ companies. While Binance.US experienced USDT liquidity issues, it “apparently had to pull money from the main Binance exchange to pay back customer withdrawals.

The closer-than-expected ties between allegedly separate entities Binance and Binance.US bring back fresh memories of FTX and Alameda Research.

We must ask, why were U.S. customer assets held in Binance addresses? Binance.US is sending customer funds to Binance. We conclude that a significant portion of Binance.US customer deposits is commingled with other deposits on Binance’s main exchange.

asserted the platform.

The investigation concluded that Binance.US “appears to be little more than a facade.” It exists to obscure the fact that an unregulated offshore crypto business currently under investigation for money laundering and sanctions violations is doing business in the United States despite the ban.

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The post Binance.US to acquire bankrupt Voyager, while its ties to parent exchange raise more FUD appeared first on CoinChapter.

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Filed under: Bitcoin - @ December 19, 2022 6:18 pm