Bankrupt cryptocurrency lender Voyager Digital Holdings has successfully sealed a deal with the United States federal government that paves the way for a $1 billion plan allowing Voyager to sell its assets to the U.S. arm of Binance.
The government can still work on an appeal on exculpation provisions, which it believes protect Voyager from certain legal liabilities.
The deal with Binance.US was temporarily halted by a federal judge after an emergency stay request from the U.S. government.
Despite challenges from Voyager and the Official Committee of Unsecured Creditors, the government’s request was granted on March 27.
U.S. regulators have made multiple attempts to halt the deal, but U.S. bankruptcy judge Michael Wiles granted approval for the deal to proceed on March 7, citing harm to Voyager’s former clients if the deal was delayed.
A February 28 court filing revealed that 97% of the 61,300 Voyager account holders were in favor of the deal. Voyager has been working on a plan for the redistribution of funds to creditors since filing for Chapter 11 bankruptcy in July.
Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.
Related posts
Turnkey Raises $15M Series A to Revolutionize the Crypto User Experience
Staking on Bitcoin, SatoshiDEX Staking for Presale Investors is now Live
