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Binance

Voyager And Binance Deal Advances With Resolution By US Government

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Binance
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Voyager Digital, a publicly-traded cryptocurrency brokerage, and Binance US have reached a resolution with the US government and the Unsecured Creditors Committee (UCC) that will allow its bankruptcy plan to move forward. 

The resolution comes after the US Department of Justice appealed a court order approving Voyager’s bankruptcy plan, which created a new hurdle for the crypto lender’s plan to sell its assets and transfer its customers to Binance.US in a deal valued at $1.3 billion.

Green Light For Binance And Voyager

According to the announcement, the resolution is embodied in a joint stipulation that provides that the appeals will continue concerning the Plan’s exculpation provision. However, the government has agreed that the plan may move forward without such provision and will not otherwise be subject to the stay.

Voyager and the UCC are now working with Binance.US to move forward as quickly as possible once this stipulation is approved by the District Court.

Related Reading: Bitcoin Sentiment Turns Neutral As BTC Plunges Below $29,000

The fact that the Plan is moving forward without the exculpation provision means that Voyager’s directors and officers will not be granted such protection. This decision could have implications for the individuals involved, as they could potentially face legal claims for any actions taken during the bankruptcy process.

In addition, it is worth noting that the decision to move forward without the exculpation provision does not necessarily mean that the directors and officers will be held liable for any actions taken during the bankruptcy process. 

The provision would have provided them with an additional layer of protection, but they will still be subject to legal scrutiny and could be held liable if they are found to have acted improperly.

Despite this, this development brings much-needed clarity and certainty to the situation, which had been causing concern for Voyager’s 1.7 million users. The acquisition by Binance.US is expected to provide users with access to a wider range of trading pairs and liquidity, as well as the ability to earn interest on their cryptocurrency holdings.

Binance
Voyager announcement on the resolution by the US government. Source: Voyager UCC on Twitter.

The two platforms would be integrated into phases, starting with Voyager’s integration into the Binance.US platform, followed by Binance.US’s integration into the Voyager platform. This partnership would give users of both platforms access to a wider range of trading pairs and liquidity, as well as the ability to earn interest on their cryptocurrency holdings.

Voyager And Binance.US Overcome Regulatory Hurdles

At the end of 2021, Voyager Digital had billions of dollars worth of cryptocurrency on its platform. However, a broader market downturn and a series of bad bets, including investments made to Three Arrows Capital and Alameda Research, chipped away at the firm’s available capital. This led to the company’s bankruptcy filing, which left many of its users concerned about the fate of their assets.

In December 2022, Voyager Digital announced that Binance.US had won a second bidding process after FTX’s bankruptcy filing. This development paved the way for a resolution for the platform’s 1.7 million users who were left in limbo after Voyager’s bankruptcy filing in early 2022.

Related Reading: Ripple CTO Clarifies XRP Retail Sales: Here’s What You Need To Know

The bidding process was initiated by Voyager Digital to sell its assets and transfer its customers to another platform. In addition, the acquisition by Binance.US is valued at $1.3 billion, and the platform has committed to honoring all of Voyager’s obligations to its customers.

Overall, the resolution reached by Voyager Digital, the UCC, and the government allows the company’s bankruptcy plan to move forward and paves the way for its acquisition by Binance.US. 

Binance
BTC continues its downtrend on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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