Binance’s U.S. wing has received court approval to buy Voyager Digital’s crypto platform for US$20 million, as part of Voyager’s plan to liquidate in bankruptcy.
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Fast facts
- The deal would also mean that the US$1 billion worth of digital assets held by Voyager on behalf of customers would be taken over by Binance, giving users the option to cash out.
- The acquisition cannot be finalized until Bankruptcy Judge Michael E. Wiles approves Voyager’s bankruptcy liquidation plan, Bloomberg reported.
- Once minor wording changes are made, Wiles will give his final approval for Voyager to draft a contract with Binance and send creditors an outline of the deal for voting.
- Voyager customers will have the chance to vote on the Binance deal and the related liquidation plan in the following weeks, said Voyager lawyer Christine A. Okike during Tuesday’s court hearing held over the phone.
- The approval brings Voyager’s clients one step closer to recovering their assets, after the platform filed for Chapter 11 bankruptcy in July amid last year’s crypto market downturn.
- Following the news, Binance’s cryptocurrency BNB inched up 0.8% in the past 24 hours, trading at US$278 at 6.50 p.m. in Hong Kong, according to CoinGecko data.
See related article: SEC objects to Binance’s US$1 bln deal to buy Voyager Digital’s assets