Voyager Digital, a bankrupt cryptocurrency lender, was given permission on Tuesday by bankruptcy judge Michael Wiles to sell its assets and transfer its customers to Binance’s American division in a US$1.3 billion agreement.
At a hearing in New York, U.S. Bankruptcy Judge Michael Wiles accepted Voyager’s restructuring plan, which is based on the acquisition of Binance.US. Binance has agreed to accept the crypto assets placed by Voyager customers in exchange for $20 million in cash. The majority of the deal’s valuation, according to Voyager, comes from the clients’ crypto assets, which were valued at $1.3 billion in February.
Wiles overruled the U.S. Securities and Exchange Commission’s “vague” opposition to the Binance acquisition and accepted the reorganisation plan.
Quick facts:-
- In addition to buying clients’ digital assets as part of the transaction, Binance U.S. will pay Voyager US$20 million in cash, according to Reuters.
- Voyager claimed that the majority of the acquisition’s valuation was made up of client assets, which were valued at US$1.3 billion in February.
- Judge Wiles overturned the U.S. Securities and Exchange Commission’s “limited objection” to the acquisition, which was based on an absence of information about Binance’s ability to consummate the transaction.
- In court on Friday, Voyager’s financial consultant testified that the business needed up to four weeks to analyse the specifics of Binance’s acquisition. During this time, Voyager has the option of rejecting the offer.
- The change occurs a month after FTX’s Alameda Research filed a lawsuit against Voyager Digital to recover US$445.8 million in loan payments that were made before FTX declared bankruptcy on its own.
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