Binance's takeover of crypto lender Voyager approved
Crypto winter

Binance’s takeover of crypto lender Voyager approved

Despite objections from the SEC, bankrupt crypto platform Voyager Digital has received approval from a judge to sell its assets to Binance.US. VGX Token jumps 20%.

As a reminder, impacted by the implosion of the Terra ecosystem in the spring of 2022, Voyager Digital filed for bankruptcy last summer with the ambition to restructure.

After its buyout was abandoned by a decaying FTX, Voyager Digital was eventually bought out by Binance US. The crypto lender had struck a deal worth around $1 billion with the US arm of the giant Binance in December. The deal still had to be approved by the bankruptcy court on January 5, 2023.

An increase in the price of Voyager’s token!

It’s done, on Tuesday, US judge Michael Wiles approved Voyager Digital’s restructuring plan.

After a lengthy multi-day hearing, the judge ultimately ruled that the regulators’ objections did not outweigh the need to proceed with the Voyager Digital restructuring.

We are delighted that the U.S. Bankruptcy Court for the Southern District of New York agreed with 97 percent of Voyager customers who voted that our plan offers the best path forward for Voyager users to regain control of their assets. We look forward to closing the transaction and welcoming Voyager customers,” Binance.US tweeted overnight.

The court’s approval allows Voyager to begin transferring user accounts to Binance.US. The crypto lending platform could still walk away from the deal, however, Reuters reports, noting that the agreement is also under additional review by the Committee for Foreign Investment in the United States.

Thanks to the deal signed with Binance, customers of the crypto lender, which froze withdrawals in early July, will thus normally soon be able to recover some of their digital coins – 73% of the value of the assets, according to Voyager.

Following the news released last night, the price of Voyager’s native token, VGX, recorded a sharp rise. Over 24 hours, its price soared more than 20% to about $0.47.

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