The US business of Cryptocurrency exchange Binance has walked away from an agreement for around $1 billion to acquire the assets of bankrupt crypto broker Voyager.

Voyager filed for bankruptcy last year after failing to make payments on $675 million in bitcoin and stablecoin loans to crypto hedge fund Three Arrows Capital.

Amid security concerns expressed by the Security and Exchanges Commission, a New York judge granted Voyager permission to enter into an asset purchase agreement with Binance US back in January.

Voyager on Tuesday tweeted that it had received a letter from Binance US which advised on the termination. The company desceibed the decision as disappointing but said that its chapter 11 bankruptcy allows for direct distribution of cash and crypto to customers via its platform.

“Consistent with the plan, we will now move swiftly to return value to customers via direct distributions,” the company said. “We will provide more information on next steps and any actions customers need to take in the coming days.”

In November 2022, Sam Bankman-Fried-helmed crypto exchange FTX was poised to rescue Voyager after winning a $1.4 billion bankruptcy auction. The deal was not completed before a run on FTX led to its collapse, and Bankman-Fried is now facing charges of fraud and bribery.

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