{"id":15638,"date":"2022-12-19T18:57:47","date_gmt":"2022-12-19T18:57:47","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/binance-us-plans-to-acquire-voyager-digitals-assets-for-1-billion-in-bankruptcy-bid-bitcoin-news\/"},"modified":"2022-12-19T18:57:47","modified_gmt":"2022-12-19T18:57:47","slug":"binance-us-plans-to-acquire-voyager-digitals-assets-for-1-billion-in-bankruptcy-bid-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/binance-us-plans-to-acquire-voyager-digitals-assets-for-1-billion-in-bankruptcy-bid-bitcoin-news\/","title":{"rendered":"Binance US Plans to Acquire Voyager Digital’s Assets for $1 Billion in Bankruptcy Bid \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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 \u201csets a clear path forward for Voyager customers\u2019 funds to be unlocked as soon as possible.\u201d<\/strong><\/p>\n

Binance Reveals U.S. Subsidiary to Purchase Voyager Digital\u2019s Assets for $1B, Company Bid Seeks Bankruptcy Court Approval<\/h2>\n

At the end June 2022, it was revealed that Voyager Digital secured<\/a> a line of credit worth $500 million from Alameda Research, but by July 1, the TSX-listed Voyager suspended<\/a> trading, deposits, and withdrawals. Voyager suffered a significant loss from Three Arrows Capital (3AC), as it was reported that 3AC owed Voyager $655 million.<\/p>\n

On July 6, Voyager filed<\/a> for Chapter 11 bankruptcy protection and it cited 3AC\u2019s loan default. By the end of July, the U.S. Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board issued a joint letter<\/a> to Voyager demanding a cease and desist against any FDIC claims Voyager had made or advertised on its website.<\/p>\n

Then, before Sam Bankman-Fried\u2019s and FTX\u2019s fall from grace, it was assumed FTX would help the company<\/a> and purchase Voyager\u2019s assets. But just before the FTX cracks started to show, regulators from the state of Texas and the state\u2019s attorney general objected<\/a> to FTX purchasing Voyager. Since FTX is now out of the picture, on Dec. 19, 2022, Binance revealed<\/a> that Binance US has swooped in to purchase Voyager\u2019s assets.<\/p>\n

The company stressed that the Binance US bid \u201csets a clear path forward for Voyager customers\u2019 funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts.\u201d<\/p>\n

\u201cOur 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,\u201d Brian Shroder, Binance US\u2019 CEO and president said on Monday. Shroder continued:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

The Binance bid follows the speculation and rumors<\/a> that have surrounded the world\u2019s largest crypto exchange by volume. There\u2019s been criticism<\/a> against the company\u2019s proof-of-reserve (POR) efforts, and the accounting firm Mazars removed<\/a> Binance\u2019s POR audit from the web. A Reuters report<\/a> published on Dec. 12, claimed the U.S. Department of Justice (DOJ) has been investigating Binance. The following day, more than $3 billion in crypto assets were withdrawn<\/a> from Binance\u2019s coffers. The stablecoin BUSD saw its supply shrink<\/a> by more than $3 billion in three days after Dec. 13.<\/p>\n

Binance said on Dec. 19, that Voyager Digital will \u201cseek bankruptcy court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance US at a hearing on January 5, 2023.\u201d Similar to FTX\u2019s attempt to purchase Voyager\u2019s assets, there could be an objection to Binance\u2019s request before the Jan. 5 hearing.<\/p>\n

Binance further elaborated that Voyager customers should look out for emails from Voyager Digital \u201cregarding next steps soon.\u201d Voyager confirmed the purchase<\/a> on Monday as well, and noted that the assets would be acquired for $1.022 billion and that includes all of Voyager\u2019s crypto assets. In addition to Binance US, INX, Wave Financial, and Crosstower also attempted to bid on Voyager\u2019s remaining assets.<\/p>\n

\u201cBinance US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million,\u201d the announcement details. \u201cShould 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,\u201d Voyager\u2019s update concludes.<\/p>\n

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\nTags in this story
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1 billion<\/a>, ADSP<\/a>, Bankruptcy Court<\/a>, bankruptcy process<\/a>, Binance<\/a>, Binance US CEO<\/a>, Binance.us<\/a>, Brian Shroder<\/a>, Cash Deposits<\/a>, Chapter 11 Bankruptcy<\/a>, Court<\/a>, Crosstower<\/a>, INX<\/a>, Judge Michael Wiles<\/a>, new york<\/a>, shares<\/a>, U.S. Binance Subsidiary<\/a>, Voyager Digital<\/a>, Voyager Digital’s assets<\/a>, Voyager shares<\/a>, Voyager stock<\/a>, Wave Financial<\/a><\/div>\n<\/div>\n

What do you think about Binance US looking to purchase Voyager Digital\u2019s assets? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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