Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.
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Fast facts
- As part of the acquisition, Binance U.S. will pay US$20 million in cash to Voyager, on top of purchasing customers’ digital assets, according to Reuters.
- Voyager said that customers’ assets, which were valued at US$1.3 billion in February, accounted for the majority of the acquisition’s valuation.
- Judge Wiles approved the acquisition after overruling the U.S. Securities and Exchange Commission’s “limited objection” to the deal, which cited a lack of details on Binance’s ability to close the deal.
- Voyager’s financial advisor said in court on Friday that the company required up to four weeks to review the details of Binance’s acquisition. Voyager could still decline the offer during this period.
- The development comes one month after FTX’s Alameda Research sued Voyager Digital to reclaim US$445.8 million in loan payments made before FTX filed for its own bankruptcy.
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