Binance.US moved closer to a full acquisition of Voyager Digital, a crypto company that recently went bankrupt, in a preliminary court clearance worth $1 billion.
On Tuesday, U.S. District Judge Michael Wiles of the bankruptcy court for the Southern District of New York gave his approval to the deal’s necessary documents, but requested some amendments before he certifies them.
The agreement between Binance.US and Voyager includes a $20 million cash settlement and a commitment to migrate Voyager’s clients to Binance.US’s crypto exchange.
This deal is a major benefit to both parties, as Binance would gain more customers and market share, and Voyager customers could get the chance to use the Binance platform.
However, the deal has sparked some objections from the Securities and Exchange Commission, state authorities, the U.S. Trustee’s office, and other private parties.
The Committee on Foreign Investments in the United States has also stated that it will evaluate the transaction.
The court noted that the panel’s concerns don’t matter for the time being.
The final agreement will be established during a hearing to be held on or around March 2nd. Until then, the acquisition of Voyager Digital by Binance.