Binance.US, a major cryptocurrency exchange, has made significant progress in acquiring bankrupt crypto lender Voyager Digital after months of regulatory hurdles. In mid-2022, Voyager Digital filed for bankruptcy citing adverse market conditions, and multiple firms proposed various strategies to rescue the lending company.
Binance.US secured the court’s approval to acquire some of Voyager’s assets in January 2023. However, the Securities and Exchanges Commission (SEC) raised concerns over the fairness and legality of the $1 billion transaction, causing uncertainty over the deal’s future.
Despite the setback, Voyager Digital secured approval from Bankruptcy Judge Michael Wiles to sell $1 billion worth of assets to Binance.US, but the U.S. Department of Justice (DoJ) opposed the court’s decision, and on March 19, it appealed the bankruptcy court’s ruling. The DoJ accused the court of exceeding its authority and requested a two-week delay to seek an appeal.
In a significant development, the Uncensored Creditors Committee (UCC) reached an agreement with the U.S. government on April 19, paving the way for Binance.US to acquire Voyager Digital. This marks a significant milestone in the acquisition process and will see Binance.US move forward with its planned acquisition, subject to approval by the District Court.
According to the statement from Voyager, “The government has agreed that the plan may move forward without such provisions and will not otherwise be subject to the stay.” Voyager and the UCC are working with Binance.US to move forward as quickly as possible once this stipulation is approved by the District Court.
After months of regulatory setbacks, Binance.US has taken a significant step forward in acquiring bankrupt crypto lender Voyager Digital. The UCC’s agreement with the U.S. government marks a turning point in the acquisition process, and Binance.US is eager to move forward with its planned acquisition.
