Binance Buys Voyager Assets Amid Heat Over Reserves

Binance Voyager Assets News: While the crypto market is still facing uncertainty around Binance reserves, the crypto exchange officially acquired Voyager assets. The top crypto exchange is going through a rough patch with the trader community demanding that it provide greater transparency on its reserves. The criticism comes after FTX, which was once a market leader, collapsed and eventually filed for bankruptcy in November 2022.

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To Unlock Customer Funds

On Monday, beleaguered crypto lender Voyager Digital announced it sold its assets to Binance after the exchange placed the highest bid. The purchase helps and intensifies Voyager in its efforts to unlock customer funds. The asset deal is valued at $1.022 billion, the company said in a statement. However, the crypto lender faces legal obligations around disbursement of the customer funds. The process of returning assets will be done in accordance with court-approved disbursements and platform capabilities, it said.

“Voyager Digital selected U.S. exchange Binance.US as the highest and best bid for its assets after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe.”

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The recent buzz about Binance reserves and the need for full transparency led to a fall in the Binance (BNB) coin price. In the space of one week, the top 5 ranked cryptocurrency lost around 15% in value. As of writing, the BNB price stands at $248, up 0.98% in the last 24 hours, according to price tracking platform CoinMarketCap. The FUD around the crypto exchange’s asset stability only worsened after auditing firm Mazars suspending its services for Binance.

The firm said it was discontinuing auditing services for many crypto exchanges including Binance, KuCoin and Crypto.com.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.