Binance.US will bid for Voyager

The crypto broker’s native token has risen by 20% in 24 hours

24.11.2022 - 11:00

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What’s new? Binance CEO Changpeng Zhao has confirmed that the US arm of the exchange will participate in the auction for the sale of the bankrupt crypto broker Voyager Digital, CoinDesk reports. According to the results of the previous auction, the assets of Voyager for $1,42 billion were bought out by the FTX exchange, which later filed for bankruptcy itself. Zhao also denied that Binance’s bid had previously been rejected due to concerns about threats to US national security. He called it rumors spread by FTX to eliminate a strong competitor.

CoinDesk’s material

What is known about the auction? After FTX filed for bankruptcy, Voyager announced that it was reopening the bidding process. According to a press release, the crypto broker is in active talks with alternative bidders. Wave Financial and trading platform Cross Tower are reportedly participating in the process.

The rate of Voyager’s (VGX) native token has gained 20,75% in the past 24 hours. As of November 24, 10:00 UTC, the asset is trading at $0,449, according to Binance.

What else is known about Binance’s plans? On November 17, information surfaced about Zhao’s plans to buy the credit portfolio of crypto broker Genesis Global Trading. The exchange later declined to invest in Genesis because of concerns about possible conflicts of interest. On November 14, Zhao announced the creation of an industry recovery fund and urged major companies to cooperate. Binance will also form a $1 billion fund to buy distressed crypto assets.

For the extent of Binance’s influence on the crypto market, see GetBlock Magazine’s article.

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