Binance.US has won the bid to acquire the assets of the defunct cryptocurrency platform, Voyager.
The bid, worth approximately $1.022 billion, was described as the “highest and best bid” by Voyager, and it aims to return cryptocurrency to customers.
Initially, the bid was won by FTX, but the deal fell through following the collapse of the crypto exchange. As part of the deal, Binance.US will make a good faith deposit of $10 million and bear Voyager’s expenses up to $15 million.
The deadline for the completion of the acquisition is set for April 18, 2022, and in the event that the deal does not go through, Voyager will be allowed to return funds to customers after giving the exchange a one-month extension.
Voyager will seek Bankruptcy Court approval to enter into the asset purchase agreement with Binance.US at a hearing on January 5, 2023, and the sale will be completed according to a Chapter 11 plan.