According to a report by Reuters, US Bankruptcy Court Judge Michael Wiles in New York has approved the buyout of Voyager Digital (VGX) by Binance US.
As a reminder, last September, cryptocurrency exchange FTX won Voyager Digital’s assets at auction following the company’s bankruptcy a few weeks earlier. Unfortunately, FTX’s bankruptcy led to the cancellation of that sale and Voyager had little choice but to re-launch the bidding process for the acquisition of its company. Finally, the bidding process was completed on December 19 and Binance.US came in with the highest bid of approximately $1 billion.
Good news for Voyager Digital customers
During the hearing, however, the judge asked the lawyers to review the documents presented before giving final approval at a future hearing.
A buyout agreement that will also have to be approved by the majority of Voyager Digital’s creditors, which was initially supposed to be taken over by FTX now in bankruptcy.
This is good news for Binance as the US Securities and Exchange Commission (SEC) recently objected to the acquisition by filing a “limited objection” with the court in charge of Voyager Digital’s bankruptcy proceedings, click here to read more.
Good news also for Voyager Digital customers who are waiting to get their funds back that have been blocked for months on the crypto platform in serious financial trouble.