- Voyager’s asset purchase agreement with Binance.US has been terminated.
- Voyager asserts its rights over a $10 million deposit and a reverse termination fee.
- Binance.US must destroy all customer information and close any accounts created using Voyager data.
Voyager, a broker in the exciting world of cryptocurrency, has taken to Twitter to share some shocking news with its followers. Furthermore, the company has received a letter from Binance U.S., informing them that the asset purchase agreement between the two parties has been terminated.
1/ Today we received a letter from https://t.co/yG7Airmib5 terminating the asset purchase agreement. While this development is disappointing, our chapter 11 plan allows for direct distribution of cash and crypto to customers (a “toggle option”) via the Voyager platform.
— Voyager (@investvoyager) April 25, 2023
On Tuesday, Voyager’s lawyers filed a court document against Binance US. It is stating that the company is asserting its rights over a $10 million good-faith deposit paid by Binance.US to Voyager. Additionally, it adds a reverse termination fee that Binance.US owes to Voyager. However, Voyager is not willing to relinquish its claim over these funds.
Binance.US Must Destroy Data
Binance.US report has prompted Voyager to announce that it will stay consistent with its plan. The Voyager team is now taking swift action to return value to customers through direct distributions. They are determined to make things right and are prioritizing customer satisfaction. Significantly, Voyager hopes to restore confidence in their services by moving quickly and decisively.
According to the asset purchase agreement, Binance.US must destroy all customer information it has received. Moreover, it must permanently close any accounts created using Voyager customer information.
This requirement aims to protect customer privacy and prevent unauthorized use of their data. Additionally, Binance.US is responsible for ensuring that all customer information is securely disposed of and that no traces remain.
However, the Brazilian authorities conducted investigations into the Binance exchange and accused the platform of failing to comply with local regulations. As a result, the exchange has been subjected to scrutiny and potential legal action in Brazil.
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