Voyager’s Acquisition by Binance Goes Through With Gov Approval

The Binance.US’s proposed acquisition of bankrupt crypto lender Voyager Digital has seen multiple ups and downs with regulators blocking the deal from going through over the past few months.

However, in a recent development, Voyager has finally confirmed that the Unsecured Creditors Committee (UCC) has finally reached an agreement with the U.S. government that will allow the plan of moving forward with the acquisition.

In the latest update on Wednesday, April 19, Voyager noted:

The resolution is embodied in a joint stipulation providing that the appeals will continue with respect to the Plan’s exculpation provision. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay. Voyager and the UCC are working with Binance.US to move forward as quickly as possible once this stipulation is approved by the District Court.

After the collapse of the Terra ecosystem last year in April 2023, crypto lender Voyager Digital came into major trouble as it faced heavy liquidity demand amid huge withdrawals. Soon after, Voyager filed for Chapter 11 bankruptcy.

Binance.US had shown interest in acquiring the assets of Voyager Digital quite earlier and was in a race with FTX who had shown a similar interest. However, crypto exchange FTX went out of the equation following its own bankruptcy in November last year.

With Voyager Acquisition, Will Regulatory Troubles End for Binance?

Alike other top crypto exchanges in the market, crypto exchange Binance has also been facing the wrath of US regulators in recent times. Last month, the U.S. Commodities and Futures Trading Commission (CFTC) sued Binance.US for violating the derivatives laws of the country.

Furthermore, the CFTC also accused Binance and its employees of instructing US customers to use virtual private networks (VPNs) to obscure their locations. This way they also helped customers to use their platforms without providing their proof of identity.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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