A little less than a month ago you could read in the crypto news that the American branch of Binance had won the auction to take over the assets of the bankrupt Voyager Digital. It would be an amount of $ 1.022 billion.
Voyager filed for bankruptcy in July 2022 from exposure to the Three Arrows Capital (3AC) hedge fund. 3AC in turn ran into financial problems due to the crash of the terra ecosystem (LUNA) which led to a bankruptcy filing a few weeks later.
Binance Deal
Initially, FTX had won the auction of the bankrupt crypto lending platform, but the bankruptcy of the crypto exchange obviously threw a spanner in the works. After being forced to reopen the bidding process, Binance emerged as the winner.
Voyager has now received initial court approval to proceed with the deal with Binance US. U.S. Bankruptcy Judge Michael Wiles gave Voyager approval on Jan. 10 to work out a purchase agreement with the crypto exchange and seek creditors’ votes on the sale.
However, the deal will not be finalized until a future court hearing currently scheduled for March. If the deal goes through, Voyager clients, who have been without access to their capital since July, will reportedly get 51% of their assets back.
Concerns about Binance takeover
You could recently read that American regulators want to put a stop to the acquisition of Voyager. So be the Securities and Exchange Commission (SEC) pointed out that Binance US failed to include necessary information in its disclosure statement.
The’US Committee on Foreign Investment in the United Statesa public entity that assesses and regulates foreign investment in the US, said in a lawsuit dated Dec. 30 that the deal could be potentially dangerous to US national security and posted a list of questions about the deal. If that were the case, the court could still block the deal.