TSX: VOYG
OTCQX: VYGVF
FRA: UCD2
NEW
YORK, March 30, 2022 /CNW/ - Voyager
Digital Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) is at the
forefront of the rapidly evolving crypto industry, and is committed
to providing the best experience for its customers.
On March 29, 2022, Voyager Digital
LLC, Voyager Holdings Inc., and Voyager Digital Ltd. (together
"Voyager" or the "Company") received the following orders from
certain state securities divisions that are members of a multistate
working group of North American Securities Administrators
Association in respect of the Voyager customer accounts that permit
customers to earn rewards on their crypto balances ("Voyager Earn
Accounts"). Voyager is aware of or has received cease and desist
orders from the state securities divisions of Indiana, Kentucky, New
Jersey and Oklahoma, and
orders to show cause or similar orders from the state securities
divisions of Alabama, Texas, Vermont and Washington. These state orders generally
assert that Voyager was offering and selling securities or
investment contracts in the form of Voyager Earn Accounts
unregistered with the applicable state.
Voyager is in ongoing communications with these state regulators
to better understand the terms in their respective regulatory
orders and to clarify certain statements in the orders that Voyager
believes are inaccurate. If, as, and when effective, the orders
will generally prohibit Voyager from offering new Voyager Earn
Accounts or accepting additional assets into existing Voyager Earn
Accounts in the impacted states. If, as, and when effective, some
of these orders will permit existing Voyager Earn Account customers
to continue earning rewards on existing balances until Voyager has
resolved such orders. Three of these orders disclose civil
penalties that the applicable state intends to seek upon
resolution. Voyager is seeking clarification of the terms of each
of these regulatory orders, including effective dates and how
proposed civil penalties in respect of alleged violations are
calculated and its due process rights. It is Voyager's expectation
that most of these state orders will provide a transition period
prior to becoming effective.
Voyager is firmly convinced that its Earn Program and the
Voyager Earn Accounts are not securities and intends to demonstrate
its position and defend it as necessary and appropriate. Of course,
Voyager supports appropriate regulation and will do its best to
demonstrate to these regulators that Voyager has complied with the
law.
About Voyager Digital Ltd.
Publicly traded, Voyager Digital Ltd.'s (TSX: VOYG) (OTCQB: 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.
Forward Looking Statements
Certain information in this press release, including, but not
limited to, statements regarding the Company's interpretation of
the state orders received, the intent, terms and effectiveness of
the state orders, the expectation of clarification of such orders
from the applicable states, future changes in laws and regulations
or the interpretation thereof, the Company's success and legal
strategy in response to stat orders, future legislative change, the
status and operation of the Voyager Earn Accounts, future growth
and performance of the business, momentum in the businesses, future
adoption of digital assets, and the Company's anticipated results
may constitute forward looking information (collectively,
forward-looking statements), which can be identified by the use of
terms such as "may," "will," "should," "expect," "anticipate,"
"project," "estimate," "intend," "continue" or "believe" (or the
negatives) or other similar variations. Forward-looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Voyager's actual results, performance or
achievements to be materially different from any of its future
results, performance or achievements expressed or implied by
forward-looking statements. Moreover, Voyager operates in a very
competitive and rapidly changing environment. New risks emerge from
time to time. It is not possible for Company management to predict
all risks, the interpretation or application of existing laws by
regulators, nor can Voyager assess the impact of all factors on
Voyager business or the extent to which any factor, or combination
of factors, may cause actual results to differ materially from
those contained in any forward-looking statements Voyager may make.
In light of these risks, uncertainties, and assumptions, the future
events and trends discussed in this press release may not occur and
actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements. Forward
looking statements are subject to regulatory risks, regulatory
actions and claims, the risk of changes of laws or the
interpretation or application thereof, the risk that the global
economy, industry, or the Company's businesses and investments do
not perform as anticipated, that revenue or expenses estimates may
not be met or may be materially less or more than those
anticipated, that trading momentum does not continue or the demand
for trading solutions declines, customer acquisition does not
increase as planned, product and international expansion do not
occur as planned, risks of compliance with laws and regulations
that currently apply or become applicable to the business or the
interpretation or application of laws and regulations by regulatory
authorities, and those other risks contained in the Company's
public filings, including in its Management Discussion and Analysis
and its Annual Information Form (AIF). Factors that could cause
actual results of the Company and its businesses to differ
materially from those described in such forward-looking statements
include, but are not limited to, the ability of the Company to
continue offering Voyager Earn Accounts and to offer products and
services consistent with past offerings and continue to offer new
and innovative products and services, a decline in the
digital asset market or general economic conditions; changes in
laws or approaches to regulation or the interpretation or
application thereof, regulatory investigations, enforcement actions
or other regulatory action or sanction or proceedings, the failure
or delay in the adoption of digital assets and the blockchain
ecosystem by institutions; changes in the volatility of crypto
currency, changes in demand for Bitcoin and Ethereum, changes in
the status or classification of cryptocurrency assets,
cybersecurity breaches, a delay or failure in developing
infrastructure for the trading businesses or achieving mandates and
gaining traction; failure to grow assets under management, an
adverse development with respect to an issuer or party to the
transaction or failure to obtain a required regulatory approval. In
connection with the forward-looking statements contained in this
press release, the Company has made assumptions regarding the terms
and conditions of the state orders, its ability to seek
clarification, its ability to continue with the Voyager Earn
Accounts, it success in responding to any state orders or other
regulatory enquiries, actions or claims and the applicability,
interpretation and application of existing laws and regulations.
Forward-looking statements, past and present performance and trends
are not guarantees of future performance; accordingly, you should
not put undue reliance on forward-looking statements, current or
past performance, or current or past trends. Information
identifying assumptions, risks, and uncertainties relating to the
Company are contained in its filings with the Canadian securities
regulators available at www.sedar.com. The forward-looking
statements in this press release are applicable only as of the date
of this release or as of the date specified in the relevant
forward-looking statement and the Company undertakes no obligation
to update any forward-looking statement to reflect events or
circumstances after that date or to reflect the occurrence of
unanticipated events. The Company assumes no obligation to provide
operational updates, except as required by law. If the Company does
update one or more forward-looking statements, no inference should
be drawn that it will make additional updates with respect to those
or other forward-looking statements, unless required by law.
Readers are cautioned that past performance is not indicative of
future performance and current trends in the business and demand
for digital assets or in the application or interpretation of laws
and regulations may not continue and readers should not put undue
reliance on past performance and current trends. All figures
are in U.S. dollars unless otherwise noted.
The TSX has not approved or disapproved of the information
contained herein.
Press Contacts
Voyager Digital, Ltd.
Michael Legg
Chief Communications Officer
(212) 547-8807
mlegg@investvoyager.com
Voyager Public Relations Team
pr@investvoyager.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/voyager-news-release-301513643.html
SOURCE Voyager Digital (Canada)
Ltd.
