Binance.US Wants to Acquire Bankrupt Crypto Lending Platform Voyager

Finance Magnates

Cryptocoins News / Finance Magnates 15 Views

<p> Changpeng 'CZ' Zhao, a Chief-Executive Officer (CEO) of <a href="https://www.financemagnates.com/tag/binance/" target="_blank">Binance</a>, a leading <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_1" class="terms__main-term">cryptocurrency exchange</a>, confirmed his plans to prepare another offer for acquiring the bankrupt crypto lender, Voyager Digital on Thursday.</p><p class="MsoNormal">In September 2022, Sam Bankman-Fried's (SBF's) crypto exchange FTX won an auction to purchase Voyager Ditial's assets at around $50 million. However, before the deal was finalized, the exchange collapsed, and the crypto lender was still available for purchase.</p><p class="MsoNormal">Reports from last week revealed that Binance.US, the American arm of leading cryptocurrency exchange Binance, was once again preparing a bid for the assets of the bankrupt lending platform. The information was confirmed during Bloomberg's interview with CZ on Thursday.</p><p class="MsoNormal">"Binance.US will make another bid for Voyager now, given <a href="https://www.financemagnates.com/tag/ftx/" target="_blank">FTX </a>is no longer able to follow through on that commitment," CZ said.</p><p class="MsoNormal">An earlier purchase proposal by Binance was rejected over alleged concerns that the takeover could pose a national security threat to the US government. According to CZ, rumors might have been spread by the FTX exchange to exclude competitors from bidding.</p><p class="MsoNormal">The CEO of Binance once again dodged the allegations that his exchange is a Chinese company.</p><p class="MsoNormal">"Binance is not a Chinese company. We are not related to China at all. The company is mistakenly believed to be Chinese because I look Chinese," CZ added. As Zhao <a href="https://www.binance.com/en/blog/from-cz/who-is-guangying-chen-and-is-binance-a-chinese-company-2386330931319516973">reminded</a> us a few months ago, he is a citizen of Canada. </p><blockquote class="twitter-tweet"><p lang="en" dir="ltr">"Binance is not a Chinese company, we are not related to China at all."CEO Changpeng "CZ" Zhao (<a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a>), who is considering a bid for assets of bankrupt crypto firm Voyager, said on <a href="https://twitter.com/BloombergTV?ref_src=twsrc%5Etfw">@BloombergTV</a> his company is mistakenly believed to be Chinese "because I look Chinese" <a href="https://t.co/Wqos9XTeW5">pic.twitter.com/Wqos9XTeW5</a></p>β€” Bloomberg Crypto (@crypto) <a href="https://twitter.com/crypto/status/1595673091803226112?ref_src=twsrc%5Etfw">November 24, 2022</a></blockquote><p class="MsoNormal">Binance Benefited from FTX Collapse</p><p class="MsoNormal">The collapse of FTX not only allowed Binance to return to its attempt to acquire <a href="https://www.financemagnates.com/tag/voyager/" target="_blank">Voyager Digital</a> but also improved the platform's market share. According to the recent report by <a href="https://www.coingecko.com/research/publications/countries-impacted-ftx-collapse">CoinGecko</a>, Binance's market share increased by seven percentage points after the FTX crisis to 64%. </p><p class="MsoNormal">The same report shows that the collapse of the SBF cryptocurrency <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_7" class="terms__secondary-term">exchange</a> hit south Korean, Singaporean and Japanese markets the hardest. These countries together accounted for more than 15% of global traffic to the FTX.com website on a monthly basis.</p> This article was written by Damian Chmiel at www.financemagnates.com.
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