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Breaking News: Bitcoin Price Makes History By Crossing $126,000: Options Market Forecasts Next Price Targets
Binance Circle BNB BNBUSDT

Why Binance US Will Acquire Voyager’s Assets And Take Over FTX

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a press release, Binance US will buy Voyager’s assets as part of the bankruptcy proceedings. The company will seek legal approval for the purchase to “the value returned to customers and other creditors.”

Related Reading: Ripple And LBRY Litigation Vs. The SEC Share Key Commonality, Attorney Says

The collapse of Three Arrows Capital (3AC) negatively impacted crypto lender Voyager. The Terra (LUNA) ecosystem implosion led to the liquidation of 3AC and many companies, such as Voyager, to file for bankruptcy.

Their customers are still awaiting resolution, and for this crypto lending firm, the deal will Binance US might provide a clear path. The press release states the following:

Binance.US and the Company will work to close the transaction promptly following approval of the chapter 11 plan by the Bankruptcy Court. This sale agreement follows Voyager’s July 5, 2022 entrance into a voluntary restructuring process aimed at returning maximum value to customers.

Binance US Makes A Commitment With Voyager

The acquisition is valued at around $1 billion and will “clear” a path for Voyager customers to receive funds. Customers and creditors will have a vote on its closing conditions. The first court hearing that might authorize the deal was set for January 5, 2023.

As a token of “good faith,” Binance will deposit $10 million, which will help the crypto lender to cover some of its expenses up to $15 million. This offering will allow Voyager to continue its operations. The press release claims:

Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.

The crypto lender is seeking compensation from Three Arrows Capital following its collapse. If the company manages to recover some of the funds lost during this event, the money will be “distributed to the estate’s creditors.”

Binance BNB BNBUSDT
BNB’s price moving sideways on the daily chart. Source: BNBUSDT Tradingview

Voyager Deal Reminisces FTX Practices?

Across social media platforms, the deal was celebrated by some users, but others were suspicious of the future acquisition. This is not the first time a crypto exchange has won a bid to acquire Voyager’s assets.

In past months, failed trading venue FTX won this bid before its operations were halted before its management and founders lost over $8 billion in customer deposits. Now, Binance US and Binance International are under enormous scrutiny.

Some believe the crypto exchange is facing similar liquidity issues as FTX before its collapse. However, Changpeng “CZ” Zhao, CEO of the exchange, has denied the rumors and welcomed the “stress test” on its withdrawal mechanism.

Related Reading: Argentina Wins FIFA World Cup 2022, But Fan Token Dumps Hard

Ryan Selkis, a founder of analytics firm Messari, classified the rumors around Binance as “FUD” (Fear, Uncertainty, and Doubt). Via his Twitter account, Selkis wrote the following:

A good chunk of Binance FUD is just thinly veiled xenophobia. I’m all for the stress test on deposits and think it’s bad that such a high percentage of volumes runs through a single exchange. I also don’t love the tone of some of the critiques. Sorry!

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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