Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Binance.US
World exchanges

Binance.US acquires brokerage company Voyager Digital

19.04.2023
2 min read

Cryptocurrency exchange Binance.US made a deal with bankrupt Voyager Digital

The U.S. division of the cryptocurrency exchange Binance.US announced the purchase of assets of the brokerage company Voyager Digital, which specializes in crypto-assets. The amount of the deal is $1 billion.
For Voyager, the decision to sell is the optimal solution, which will provide an opportunity to compensate for the losses of customers after the bankruptcy of the company. The funds received from the deal will make it possible to return about 51% of customers’ deposits. Voyager has already received some of the necessary permits – the final decision must be made by the regulatory authorities. The cryptocurrency lender’s case was pending in New York court because the company filed for bankruptcy before Binance.US offered to buy the assets.
The deal between the parties calls for a $20 million payout, with the remaining amount to be covered as a transfer of Voyager customers to Binance.US. Once all transactions have been made, former clients of the brokerage company will have access to their accounts and will be able to withdraw funds. It should be noted that Voyager accounts have been blocked since July, 2022.
If the deal fails, the broker is obliged to return the cryptocurrency in the Voyager accounts to the clients. However, the company will not be able to compensate payments on deposits.Binance.US made a deal with Voyager DigitalQuestions about the legality of Binance’s activities have already been repeatedly raised by U.S. law enforcement agencies. The owner of the exchange is Changpeng Zhao, who is a Canadian citizen. The site has no permanent headquarters address, which also raises a number of suspicions. In early 2022, the U.S. Attorney’s Office involved Binance in a money laundering case, but Binance.US was able to evade the charges. The company’s main argument was that the U.S. site operated independently of the main exchange. At the same time, the exchange faced a serious outflow of capital from investors, which had a negative impact on the stability of the crypto industry.
The collapse of the crypto market in 2022 was painful for all its players. The crypto industry had a capitalization of $2.3 billion at the beginning of 2022, but by the end, it had fallen to $800 million. Investment in the sector dropped sharply, while interest from regulatory agencies, on the contrary, increased. There were many questions about the security of users’ wallets on various exchanges. In addition, after the disclosure of cryptocurrency reserves, the volatility of the sector became evident.
A number of exchanges and brokerage companies declared bankruptcy, FTX among them. After that, Binance decided to support the crypto industry, allocating $2 billion to create a fund. This initiative was also supported by Aptos Labs and Jump Crypto, which allocated 50 million dollars each. Later CZ company also joined the fund with $1 billion.

Tags: World exchanges
0
Previous Post Trends in the m-commerce market that will help attract customers Next Post Investment in Chinese real estate fell by 10%

You Might Also Like

drop in oil prices
World exchanges
Drop in oil prices: long-term forecast from IMF
23.08.2020
Tallinn Stock Exchange
World exchanges
Tallinn Stock Exchange evaluates its work for 2022
11.04.2023
listing in Poland
World exchanges
Zabka chain prepares for listing in Poland
25.12.2024
Noventiq
World exchanges
Noventiq plans to float on the Nasdaq exchange
29.05.2023
World exchanges
Morning trades in foreign stocks were introduced on the St. Petersburg Stock Exchange
16.11.2021
Bitcoin transactions
World exchanges
Forbes: bitcoin transactions on exchanges have a high risk of fictitiousness
16.10.2022

Popular Posts

  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics