• Binance.US has received initial approval to purchase the assets of bankrupt crypto lender Voyager Digital for $1 billion.
• The deal is subject to a hearing in March 2023 and approval from a majority of Voyager’s creditors.
• Voyager Digital initially agreed to sell itself to FTX but had to open the bidding process after FTX’s collapse in November 2022.
Binance.US, the US branch of the popular global crypto exchange Binance, has received initial approval to purchase the assets of bankrupt crypto lender Voyager Digital in a proposed $1 billion deal. The news was announced on Tuesday, January 11th, after New York US Bankruptcy Judge Michael Wiles gave a green flag to Voyager to proceed with its purchase agreement with Binance.US.
The deal was initially agreed to by Voyager Digital and FTX, however, following the collapse of FTX in November 2022, Voyager was forced to open the bidding process again and the decision was made to go with Binance.US. Joshua Sussberg, the attorney representing Voyager Digital, noted that the bankrupt crypto lender was cooperating with the US Committee on Foreign Investment and other regulatory bodies to ensure that the deal is in the best interest of Voyager’s creditors and would help them to get their crypto back much faster.
The deal is still subject to another hearing in March 2023 and the approval of a majority of Voyager’s creditors. If approved, Binance.US will take full control and ownership of Voyager Digital’s assets, including its crypto lending platform and digital wallet services. The crypto exchange will also be responsible for the repayment of creditors, which includes the return of any crypto that was lent out by Voyager.
It remains to be seen if the deal will be approved, but it is clear that Binance.US is doing its best to make sure Voyager’s creditors will be taken care of. If the deal is approved, it will be a major step forward for Binance.US and a positive move for the entire crypto industry.