TSX: VOYG
OTCQX: VYGVF
FRA: UCD2
NEW
YORK, April 5, 2022 /CNW/ - Voyager Digital
Ltd. (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) ("Voyager" or the
"Company") is at the forefront of innovation in the rapidly
evolving crypto industry, and is committed to providing the best
experience for its customers.
On March 30, 2022, Voyager issued
a press release describing certain orders ("Orders") it received or
became aware of from a limited number of state securities divisions
that are members of a multistate working group of the North
American Securities Administrators Association. The Orders
concern one benefit of the customer accounts which permits
customers to earn rewards on their balances of certain crypto
assets ("Voyager Earn Program"). These Orders generally assert that
Voyager was offering and selling securities or investment contracts
in the form of accounts with the Voyager Earn Program unregistered
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.
Forward
Looking Statements
Certain information in this press release, including, but not
limited to, statements regarding the Company's interpretation of
the Orders received, the intent, terms and effectiveness of the
Orders, the expectation of clarification of such orders from the
applicable states, the outcome of the discussions with the
regulators, the timing for the imposition of restrictions and the
terms of such restrictions, the impact of the Orders on the other
products and services offered by the Company, the success of
the Company's business strategy, 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 Program,
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 Program 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 Orders, its
ability to continue the dialogue with the regulators, its ability
to seek clarification, its ability to continue with the Voyager
Earn Program, the timing for the imposition of restrictions and the
terms of such restrictions, the impact of the Orders on the other
products and services offered by the Company, its success in
responding to any 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.
Mike Legg and
Kevin Rodriguez
Investor Relations
(212) 547-8807
mlegg@investvoyager.com, krodriguez@investvoyager.com
Voyager Public Relations Team
pr@investvoyager.com
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SOURCE Voyager Digital (Canada)
Ltd.
