Court approves Binance.US bid to buy Voyager

The proposed deal by bankrupt crypto lender Voyager to sell some of its assets to Binance US is one step closer to becoming a reality after U.S. District Judge Michael Wiles of the bankruptcy court granted Voyager permission to enter into an asset purchase agreement with Binance.US.

Voyager Digital received preliminary court approval for a proposed $1 billion sale of its assets to Binance.US and stated that it will seek to expedite a U.S. national security review of the transaction. This comes after Voyager agreed to sell itself to FTX initially but reopened the bidding process after Sam Bankman-exchange Fried’s failed in November. Binance.US made the winning offer in December.

During court hearing, Voyager attorney Joshua Sussberg stated that the company was responding to concerns raised by the U.S. Committee on Foreign Investment in the United States (CFIUS), an interagency body that evaluates foreign investments in U.S. companies for national security risks.

The Securities and Exchange Commission (SEC), state regulators, the U.S. Trustee’s office, and private parties all opposed the proposed deal. The Committee on Foreign Investment in the United States (CFIUS) also stated that it would review transactions made by the lender, which declared bankruptcy last year. According to the judge, the committee’s issues are “really non-issues for today.”

Binance’s transaction includes a cash payment of $20 million and an agreement to transfer Voyager’s customers to Binance. Sussberg stated that the cryptocurrency exchange in the United States. Customers would be able to withdraw money for the first time since July.

The sources for this piece include an article in Reuters.

IT World Canada Staff
IT World Canada Staff
The online resource for Canadian Information Technology professionals.

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