Binance buys Voyager Digital

Binance has bought the assets of bankrupt digital asset lender Voyager Digital, valued at just over $1 billion.

The world's largest cryptocurrency exchange bought the bankrupt company's shares after Voyager's deal with FTX fell through following the collapse of the Bahamas-based exchange and the arrest of its founder Sam Bankman-Fried.

Binance US, the group's American arm, agreed to a deal worth $1.02 billion, which represents the "fair market value" of Voyager's cryptocurrency portfolio, the companies announced on Monday.

Voyager offered its customers high returns for depositing funds on its platform, but was caught off guard by the collapse of hedge fund Three Arrows Capital over the summer, suffering more than $650 million in losses on a loan to the fund, which left it in went bankrupt.

Binance continues to expand despite a crisis of confidence in the digital asset sector following the collapse of FTX.

The company also bought Indonesian cryptocurrency exchange Tokocrypto on Monday.

Binance CEO Changpeng Zhao tweeted that his company was already the majority shareholder and is now "bringing in more money and increasing our stake a bit."