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Voyager Digital snaps a tentative deal to sell its assets to Binance.US

In the long legal journey that surrounded Voyager Digital’s bankruptcy, the platform received an initial agreement to sell its assets to Binance.US. If this is a point encouraged for the customers of the exchange, nothing is yet acquired for the moment.

Voyager Digital moves forward with Binance.US for its asset buyout

In the long series of the American exchange Voyager Digital, the last elements of the file seem support Binance.US for the purchase of the assets of the bankrupt cryptocurrency platform. Indeed, Michael Wiles, a bankruptcy court judge for the Southern District of New York, gave his initial approval for the transaction.

However, this does not complete the operation, because an additional hearing is indeed scheduled for March, in order to deliver a final verdict. Furthermore, note that the Securities and Exchange Commission (SEC) has also taken up the matter, as well as the Committee on Foreign Investment in the United States (CFIUS). This therefore complicates a case, which has already been complicated enough, while the FTX scandal has come to cancel the initial possibilities of redemption.

CFIUS, authority on foreign investment in the United Statesmust therefore rule on the case of Binance.US, whose parent company is foreign to the country.

Joshua Sussberg, a lawyer at Kirkland & Ellis and working for Voyager Digital, informed that he was doing what was necessary with his client and Binance.US in order to carry out this operation:

β€œWe are coordinating with Binance and their attorneys to not only address this investigation, but to submit a request to move this process forward. Β»

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A protracted situation

While Voyager Digital had declared Three Arrows Capital (3 AC) in default of payment at the end of June 2022, this dispute had placed the platform at odds with its customers, which had forced him to suspend withdrawals on July 1. Since that date, Voyager customers can no longer access their funds.

FTX had then offered to come to the rescue of the company, but the exchange’s own bankruptcy cut short the negotiations. That is why Binance.US came back with an offer of around $1 billion.

If a transaction finally succeeds, it could enable stranded customers to regain 51% of the value of their deposits. On the other hand, if this operation also falls through, Joshua Sussberg believes that customers will be the first to suffer, because the sum that would be returned to them would be even lower. The conclusion of this case therefore depends on the verdict of next Marchas well as notices from the SEC and CFIUS.

πŸ‘‰ Also in the news – Binance Admits Its BUSD Stablecoin Wasn’t Always 100% Backed by US Dollars

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Source : Reuters

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