A US Court Approves 1.3 Billion Dollars for Binance.US Acquires Voyager After Rejecting SEC Objection
After a favorable bankruptcy court order, Binance’s US subsidiary is pushing ahead with plans to buy the $1.3 billion assets of troubled crypto lender Voyager.
Reuters reports that Judge Michael Wiles will sign a court order to authorize the sale and the $20 million compensation plan to Voyager customers.
Judge Wiles rejected a last-minute objection from the U.S. Securities and Exchange Commission (SEC), which argued that a portion of the $1.3 billion transaction might violate securities regulations.
In a January court filing, the troubled crypto lender Voyager estimated that customers might recover roughly half of their debts. However, during a court hearing on March 2, Voyager attorney Christine A. Okike estimated that customers might recover approximately 73% based on recent crypto asset prices.
According to Brian Tichenor, Voyager’s chief investment banker, Voyager may yet choose to liquidate on its own and distribute the money to users instead of proceeding with the sale. The US will provide $100 million extra to its clients.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.