Crypto exchange Binance.US to acquire Voyager assets in $1bn deal
Beleaguered US-based crypto lender Voyager Digital is set to sell its assets to crypto exchange Binance.US in a deal worth approximately $1.022 billion.
Binance.US set to acquire Voyager assets in $1bn deal
Voyager Digital, which filed for bankruptcy protection earlier this year, says that “after a review of strategic options”, the Binance.US bid “sets a clear path forward” for Voyager customers to gain access to their locked funds “as soon as possible”.
Binance.US CEO and president Brian Shroder says: “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 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.”
Voyager Digital will seek Bankruptcy Court approval to enter into the asset purchase agreement at a hearing on 5 January 2023.
Voyager says it selected the Binance.US bid “with the core objective of maximising the value returned to customers and other creditors on an expedited timeframe”.
Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million.
Should the deal not close by 18 April 2023, subject to a one-month extension, the agreement allows Voyager to immediately move to return funds to customers.
In September, crypto exchange FTX US was set to acquire Voyager’s assets for approximately $1.422 billion after an auction process that lasted two weeks.
However, with the collapse of FTX, Voyager tweeted in November that the proposed deal was cancelled and that it was in “active discussions with several alternative bidders”.
