Loading...

97% of Voyager account holders want Binance.US to acquire the firm’s assets

binance

Most read

Loading Most Ready posts..

TL;DR

  • 97% of Voyager customers support the Binance.US reorganization plan.
  • Under the agreement, Voyager customers will receive a pro-rata distribution of the proceeds from the asset sale in the form of dollar-denominated vouchers.

A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers. The plan calls for Binance.US to acquire up to $25 million in cryptocurrency-related assets, including Voyager’s cash, fiat, and digital tokens.

Voyager account holders with claims against the troubled crypto lender were polled by bankruptcy management company Stretto, which surveyed 61,300 account holders. Out of that total, 59,183 (97%) people voted in favor of Binance. The US reform plan was defeated by 2,117 people or about 3% of the total vote. 

Under the agreement, Voyager customers will receive a pro-rata distribution of the proceeds from the asset sale in the form of dollar-denominated vouchers. The voucher value will be determined by a court-approved appraiser, who will also consider customer feedback in valuing the assets. 

Binance is expected to receive approximately $5 million in cryptocurrency-related assets and cash, while Voyager customers are expected to receive most of the remaining proceeds.

 A deal to purchase the assets of Voyager for $1.02 billion was made public in December. In compliance with court-approved disbursements and platform capabilities, the Binance.US bid “aims to refund cryptocurrency to clients in kind,” according to the press release at the time. 

Binance-Voyager deal opposed

However, there has been a lot of pushback and numerous objections to the proposal by the American division of the world’s largest crypto exchange. The U.S. Securities and Exchange Commission also objected to the move in a Feb. 22 court filing, claiming that the acquisition of Voyager assets could breach securities law. 

The Federal Trade Commission opened an investigation into the company for unfair and misleading promotion of cryptocurrencies to the public. Despite these objections, the majority of Voyager customers have signaled their support for Binance’s acquisition.

For Binance and its customers, this could be a step in the right direction as it would provide added liquidity to the market and somewhat revive trust in the world of crypto lending. It remains to be seen if this deal will proceed as planned.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Share link:

Lacton Muriuki

Lacton is an experienced journalist specializing in blockchain-based technologies, including NFTs and cryptocurrency. He dabbles in daily crypto news rich with well-researched stats. He adds aesthetic appeal, adding a human face to technology.

Stay on top of crypto news, get daily updates in your inbox

Related News

Cryptopolitan
Subscribe to CryptoPolitan