Voyager issued a press release describing certain orders (the “Orders”) it received or became aware of from a small number of state securities departments that are members of a multistate working group of the North American Securities Administrators Association. “Voyager Earn Program” allows customers to earn rewards on the balances of certain crypto assets (e.g., bitcoin). As a result of the Orders, Voyager has been prohibited from offering and selling securities or investment contracts in the form of Voyager Earn accounts not registered with the applicable state.
The Voyager Earn Program is the only Voyager product subject to the Orders. No other products and services offered by the Company are noted in the Orders. Of the states that have issued Orders, most have not imposed any immediate restrictions on the Voyager Earn Program.
“I want to emphasize to our shareholders and customers that only one of our products is noted in the Orders. Voyager has always recognized that the US regulatory framework must evolve, and in some cases completely transform, to address the needs of the rapidly expanding crypto sector. Historically, Voyager has advocated for thoughtful regulation, which is a natural progression for this asset class. We believe tailored regulation will spur increased confidence and adoption of crypto assets. Nonetheless, Voyager continues to pursue its strategy to innovate and grow the business and position the Company as a leader in the crypto asset market,” said Stephen Ehrlich, CEO and co-founder of Voyager.
Voyager continues to have ongoing communications with these state regulators to better understand the terms of their respective Orders and clarify certain statements in the Orders that Voyager believes are inaccurate. It is Voyager’s goal that these communications will result in a collaborative and constructive dialogue on an acceptable path forward. Voyager’s discussions to date with the regulators demonstrate a willingness to work with Voyager to pursue a mutually acceptable regulatory framework. The Company believes this provides an opportunity to contribute to the evolution of the regulatory framework for crypto, which is needed more than ever due to the unprecedented growth in the adoption by American consumers.
About Voyager Digital Ltd.
Publicly traded, Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.
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