FTX to Sell LedgerX, Binance.US Backs out of Voyager Rescue

FTX, a cryptocurrency exchange facing difficulties, has agreed to sell its futures and options exchange and clearinghouse, LedgerX, to M7 Holdings, a private equity investment office, for approximately $50 million. The transaction is subject to court approval, as M7 Holdings emerged as the winner of the bankruptcy auction for the acquisition of LedgerX. FTX.US had previously acquired the futures and options exchange in 2021 to broaden its spot trading offerings. The buyer, Miami International Holdings, is the owner of the Bermuda Stock Exchange and various U.S.-registered securities exchanges, such as the Miami International Securities Exchange.

LedgerX remains the only spot crypto options exchange available to US consumers. (for now)

In related news, showing how hostile the US regulatory environment is to crypto, Binance.US recently terminated its $1.3 billion agreement to acquire the assets of crypto broker Voyager Digital, citing a “hostile and uncertain regulatory climate.” This announcement came after nine months of Voyager’s bankruptcy filing. The Chapter 11 bankruptcy filing in the Southern District of New York stated that Voyager and its two affiliates had over $1 billion and up to $10 billion in assets, as well as over 100,000 creditors. This latest withdrawal is a further setback for Voyager, which has been attempting to raise funds through asset sales to pay off creditors after its bankruptcy filing last year.

Voyager had previously struck a deal with FTX to purchase its assets, but this too fell through in November when FTX filed for bankruptcy. Voyager expressed disappointment with Binance.US’ decision but noted that its Chapter 11 plan would enable it to reimburse customers directly through its platform with cryptocurrency and cash. Voyager said that it would soon provide additional details on the next steps and any necessary customer actions.[/caption]

One thing is for certain, however; the over-reaching regulatory environment blew up this deal, which means that instead of customers receiving 70 cents on the dollar for their assets, they will likely receive a fraction of that in receivership. Way to go, deep state!