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Binance.US-Voyager acquisition moves on amid resolution with US authorities

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crypto news Binance low poly style

crypto news Binance low poly style

Voyager, the Unsecured Creditors Committee (UCC), and the US government have reached an agreement that will enable the much-anticipated Binance.US-Voyager acquisition.

After several months of uncertainty, the victims of the once prominent but now-bankrupt Voyager Digital may soon be made whole, as all key stakeholders have reached a favorable agreement with the US government.

It will be recalled that Gary Gensler’s SEC opposed the $1 billion acquisition deal between Voyager and BinanceUS in March, alleging that the former’s VGX token is an unregistered security.

Before then, the bankruptcy court handling the case had raised concerns over the deal, arguing that the acquisition may result in unfair treatment of Voyager’s creditors and shareholders. Last month, the deal hit another gridlock, as Judge Jennifer Rearden of the US district court of New York approved the motion for an emergency stay on the deal following the CTFC’s lawsuit against Binance. 

Fast forward to April 19, and Voyager, the Unsecured Creditors Committee, and the US government have reached a resolution allowing the acquisition deal to move on swiftly.

Gloomy times for web3 

2022 was arguably one of the darkest seasons for crypto market participants. The prolonged crypto winter made life difficult for industry heavy-hitters such as Three Arrows Capital, Celsius, and others.

The alleged FTX fraud orchestrated by the disgraced Sam Bankman-Fried also triggered widespread contagion, motivating regulators like the SEC to embark on an onslaught likened to “throwing away the baby with the bath water.”

Whether Voyager customers will be fully reimbursed after the acquisition deal remains to be seen.

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