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    Home»News»Binance US Gets Greenlight to Purchase Voyager
    News

    Binance US Gets Greenlight to Purchase Voyager

    Anietie DavidBy Anietie DavidJanuary 11, 2023Updated:January 11, 2023No Comments3 Mins Read
    Binance.US Gets Greenlight to Purchase Voyager
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    Bankrupt crypto lender Voyager’s proposed deal to sell some of its assets to Binance US is a step closer to becoming reality. The exchange agreed in December to purchase the company after Voyager’s deal with Sam Bankman-Fried’s FTX fizzled.

    Bankrupt cryptocurrency lender Voyager Digital’s proposal to sell its assets to Binance US for $1.02 billion has been provisionally approved by the court. Voyager seeks approval to expedite Binance.US national security investigation.

    On January 10, Judge Michael Wiles of the U.S. The Bankruptcy Court for the Southern District of New York alleged Voyager entered into an asset purchase agreement and obtained creditor approval, but the sale is pending a final court hearing. Reuters reported Jan. 11. Voyager wants to expedite the review of its proposed asset sale to Binance.US, which could result in blocked or delayed transactions.

    Voyager’s attorney, Joshua Sussberg, noted at the court hearing that Voyager has responded to questions from the United States Committee on Foreign Investments (CFIUS) and will address any concerns that CFIUS may object to the transaction.

    “We are coordinating with Binance and their attorneys to not only deal with that inquiry, but to voluntarily submit an application to move this process along.”

    Sussberg said.

    CFIUS is an interagency agency tasked with reviewing foreign investments or acquisitions by US companies on national security grounds. If it determines that national security concerns about a deal are warranted, CFIUS may block or cancel the deal or direct the parties involved to modify the deal to address concerns.

    The Deal Between Binance Us and Voyager

    Voyager initially agreed to sell itself to FTX, but restarted the bidding process after Sam Bankman-Fried’s stock market collapsed in November. Binance US swooped in with the winning offer in December.

    Kirkland & Ellis attorney Joshua Sussborg, representing Voyager, opened the hearing by saying it is in the best interests of Voyager’s creditors to move forward with the deal with Binance US.

    “We do not want to delay getting money getting crypto back into our customers hands. Importantly … we also took a very hard look at a standalone self-liquidation … “The self liquidation auction is not an option that is going to put the most money in our customers’ pockets.”

    Sussborg said.

    The proposed deal was approved by the U.S. Securities and Exchange Commission (SEC), state regulatory agencies, the Office of the U.S. Trustee and private groups rejected. The Committee on Foreign Investment in the United States (CFIUS) also said it would review transactions at the bank, which filed for bankruptcy last year.

    Binance Binance US Voyager Digital
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    Anietie David

    Anietie has worked in the blockchain industry for three years, gaining experience in blockchain technology, cryptocurrencies, DeFi, and NFTs. As a seasoned content writer, he is passionate about creating effective content strategies for blockchain brands. In addition to content writing, he also has a strong interest in front-end development. When he's not working, he spends his time reading horror novels or playing CODM.

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