According to a Binance blog post, Binance US has entered an agreement with Voyager Digital Ltd., in order to acquire its assets. The announcement details that the acquisition “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible.”
Binance Reveals U.S. Subsidiary to Purchase Voyager Digital’s Assets for $1B, Company Bid Seeks Bankruptcy Court Approval
At the end June 2022, it was revealed that Voyager Digital secured a line of credit worth $500 million from Alameda Research, but by July 1, the TSX-listed Voyager suspended trading, deposits, and withdrawals. Voyager suffered a significant loss from Three Arrows Capital (3AC), as it was reported that 3AC owed Voyager $655 million.
On July 6, Voyager filed for Chapter 11 bankruptcy protection and it cited 3AC’s loan default. By the end of July, the U.S. Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board issued a joint letter to Voyager demanding a cease and desist against any FDIC claims Voyager had made or advertised on its website.
Then, before Sam Bankman-Fried’s and FTX’s fall from grace, it was assumed FTX would help the company and purchase Voyager’s assets. But just before the FTX cracks started to show, regulators from the state of Texas and the state’s attorney general objected to FTX purchasing Voyager. Since FTX is now out of the picture, on Dec. 19, 2022, Binance revealed that Binance US has swooped in to purchase Voyager’s assets.
The company stressed that the Binance US bid “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts.”
“Our bid is a reflection of our guiding principle that customers should come first. Our goal is simple: return users their cryptocurrencies on the fastest timeline possible,” Brian Shroder, Binance US’ CEO and president said on Monday. Shroder continued:
We hope our selection brings to an end a painful bankruptcy process, which saw customers unfairly dragged into it at no fault of their own. Upon [the] close of the deal, users will be able to seamlessly access their digital assets on the Binance US platform where they will continue to receive future disbursements from the Voyager estate.
The Binance bid follows the speculation and rumors that have surrounded the world’s largest crypto exchange by volume. There’s been criticism…
Click Here to Read the Full Original Article at Bitcoin News…
