Earlier in September 2022, FTX, Binance, and Crosstower competed to buy the assets of Voyager Capital, a crypto lending platform, in order to save it from bankruptcy, with FTX winning with a $1.4 billion bid.
However, it is clear that FTX no longer has the capacity to proceed with the acquisition, as the once-dominant cryptocurrency has also been declared bankrupt.
According to CEO Changpeng Zhao (CZ), Binance US is returning to the negotiating table because FTX can no longer execute its bid to purchase Voyager Capital and its assets.
As a result of the “cryptocurrency winter,” which began earlier this year and was significantly exacerbated by Terra’s collapse, many organizations in the crypto industry, including Voyager, were forced to declare bankruptcy.
The struggling crypto lender auctioned off its assets in an attempt to find at least a partial solution for its customers. The two US affiliates of FTX and Binance were the betting favourites to win the bid, and the former did.
FTX, once led by Sam Bankman-Fried (SBF), was forced to withdraw from the acquisition deal as a result of events involving the FTX exchange, Alameda Research, and other subsidiaries. However, according to CZ, Binance will resume its bid for Voyager.
After blaming FTX for the rumours that Binance US was having security issues, CZ claimed that his exchange had acquired “multiple companies” in the US without encountering regulatory problems.
According to CZ, Binance will try to raise $1 billion to acquire assets from Voyager and other struggling cryptocurrency companies.
Separately, Binance CEO Changpeng Zhao reiterated that the exchange is not a Chinese company, feeling compelled to do so “just because I look Chinese.”
In addition, he reiterated that, despite his physical appearance, Binance is unrelated to his personal identity and is not a Chinese company.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”