Voyager Digital has confirmed Binance.US has shut down a deal to buy the bankrupt crypto lender's assets for $1.3 billion.

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Following Voyager’s bankruptcy last year, the company has been raising funds through an asset sale to repay its creditors.

The company had initially agreed to sell its assets to major digital asset exchange FTX, but that deal fell apart when FTX imploded in November.

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Binance.US stepped in later, but the acquisition was clouded by regulatory opposition. Last month, a federal judge temporarily stopped Voyager from completing the proposed deal, allowing the U.S. government more time to pursue challenges.

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Reuters contributed to this report