The US federal government has approved a bid by the US arm of Binance to buy the remaining assets of bankrupt crypto lender Voyager Digital.
In a Twitter thread earlier this week, Voyager’s official committee of unsecured creditors said a resolution has been reached with the government that will “allow the scheme to proceed and take effect shortly.”
The committee said that a combined condition filed with the district court on April 19th It now needs to be approved by a judge, and Voyager, the committee and Binance said. The US will proceed “as soon as possible after the District Court approves the stipulation”.
$1 billion deal
Plan offered by Binance.US Voyager is worth $1 billionHowever, the actual cash value that Binance.US needs to pay is approximately $20 million, in addition to payments to Voyager’s customers.
This week comes after the green light from the federal government The deal was earlier stalled by the government on the grounds that it may violate laws on unregistered offers and sales of securities.
Binance.US originally made the move after the exchange collapsed in November last year after FTX’s bid to buy Voyager Digital’s remaining assets fell through.
Led by well-known crypto billionaire changpeng zhao (CZ), Binance is the world’s largest crypto exchange by trading volume.
However, the company maintains that Binance.US is independent from the larger international entity, adding that the US branch is fully compliant with all US securities regulations.
Last month, Binance and its CEO CZ Lawsuit filed by the US Commodity Futures Trading Commission (CFTC).
In the lawsuit, the CFTC said that Binance knowingly offered unregistered crypto derivatives products to traders based in the US.
Binance has denied any wrongdoing, calling the lawsuit “unexpected and disappointing”.
“Upon preliminary review, the complaint contains an incomplete text of facts, and we do not agree with the characterization of several issues alleged in the complaint,” CZ wrote in a statement Published on Binance’s website at the time.
Voyager Digital filed for bankruptcy under Chapter 11 of the US Bankruptcy Code in July last year, saying at the time that it wanted to implement a restructuring plan and “maximize value for all stakeholders.”
