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Binance Attempt to Buy Voyager’s Digital Assets Fails

BlockNews Team by BlockNews Team
September 22, 2022
in Business, Crypto, Media, Politics
Reading Time: 3 mins read
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In a bankruptcy auction last week, 15 September, Binance attempted to buy Voyager assets. The process turned out complicated because the U.S. government rejected the deal. The U.S. Committee on Foreign Investment (CFIUS) subjects foreign companies trying to acquire companies doing business in the United States to scrutiny. The committee blocks transactions that pose national security risks.

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Voyagers,

The auction that started yesterday is still underway. We will provide additional information once the auction has concluded, and before the Sale Hearing occurs.

— Voyager (@investvoyager) September 14, 2022
Via @investvoyager – Twitter

Voyager is a mobile crypto broker that offers commission-free trading in over 100 cryptocurrencies. Voyager uses cryptocurrency services for both individuals and institutions. The app allows users to earn monthly interest payments. This helps to maintain the minimum balance and gives institutional investors access to order execution, liquidity, and custody services. The encryption app Voyager is available for iOS and Android devices.

The CFIUS Is Harsh Towards Chinese Companies

Even though Joe Biden recommends investing in Chinese technology in the United States, the CFIUS is still limited because Trump has disrupted it in the past. It will take time to adjust because the CFIUS still imposes harsh scrutiny, especially on Chinese companies. Binance 

CEO Changpeng Zhao was born in China but raised in Canada. Therefore, signing an executive order to block China will restrict access to its citizens’ data. Binance has fought back against claims that the company is Chinese, and Zhao even revealed details of his ancestry earlier this month. 

“I am a Canadian citizen,” CZ wrote in a post on 1 September.

Binance needs to add money to its bid as insurance against possible acquisition delays in the case of a CFIUS review.

According to Patrick Hillmann, Binance chief communications officer,

“Binance has invested in countless American companies, either directly or through Binance Labs.” 

Binance is a Canadian company run by Canadian citizens. 

Voyager has declined to comment on the issue, hoping the matter will be resolved. The company is going through a rough patch and would love to sell its assets to Binance.

What Is Voyager and How Can You Invest With Voyager?

You only need $10 to trade cryptocurrencies on Voyager. Voyager is not precisely an exchange but a broker that facilitates trading through routing technology. This means it is impossible to decide where to execute a trade.

The company’s Smart Order Router connects to more than a dozen exchanges. It uses market makers to give users fast order execution and proper ordering. The app offers the prices and supports bank transfers up to $5,000.

Voyager’s cryptocurrency has no fees. The app makes money when you save money on orders. Voyager only charges a small spread fee if an order is executed at a better price than the investor.

Voyager also offers limited educational support for those new to trading. This crypto app offers both summaries of market news and a few explanatory blog posts on various crypto topics, but it doesn’t provide much more for beginners.

For an institutional investor with cryptocurrency needs, Voyager offers:

  • Execution platform 
  • Liquidity network 
  • Custodial suite

Closing Thoughts

Even though the cryptocurrency community is skeptical about Voyager, the data is essential for investors. As an investor, you can be confident against the security concerns mentioned. The security concerns against Binance by the CFIUS are linked to xenophobic tendencies. The spokesperson indicates that there is fear of foreigners acquiring American companies and assets. This is the facade behind the security claims. 

Tags: BlockchaincryptoWeb3
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