The Toronto Firm Exchange has temporarily banned trading in the shares of cryptocurrency broker Voyager Digital while it conducts an accelerated examination to determine if the stock still satisfies the listing criteria.
The shares have also been suspended on American over-the-counter marketplaces.
Voyager Digital’s stock trading on the TSX was suspended as of 8 a.m. ET on Wednesday, according to the Investment Industry Regulatory Organization of Canada.
Later, the Toronto Stock Exchange said that an accelerated delisting review had started.
Additionally, the shares have been suspended in the United States, where they are traded over-the-counter under the ticker VYGVF.
Bankruptcy
In the Southern District of New York, the business applied for Chapter 11 bankruptcy protection late on Tuesday. According to estimates, it had more than 10,000 creditors, assets worth between $1 billion and $10 billion, and liabilities in the same range.
According to estimates, loans to the cryptocurrency hedge fund Three Arrows Capital make up approximately 60% of the loan book for the crypto broker.
Voyager CEO Steven Ehrlich blamed this fund for the majority of his company’s problems. On July 1, Three Arrows Capital declared bankruptcy in response to a British Virgin Islands court ruling requiring company to liquidate.
Voyager has experienced significant losses with the current slump in the cryptocurrency markets, similar to partner lender Celsius Network, and has ultimately decided to halt trading, deposits, and withdrawals at the start of the month.
About Voyager
A reliable software for purchasing and staking bitcoin is called Voyager. The firm conforms with American laws, and FDIC insurance protects cash held in dollars.
consider cryptocurrencies to be the future of investment and finance. We are building the broker that the cryptocurrency industry deserves together.
Are a group of seasoned professionals from the financial and technology sectors committed to educating and supporting investors in the most exciting asset class to date—crypto.
To create Voyager, our founders merged their decades of expertise from top companies including E*TRADE, Uber, TradeIt, Lightspeed Financial, and more.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/08/15/toronto-firm-exchange-has-banned-voyager-digital-know-why/