Following a favorable ruling from the bankruptcy court, Binance’s US arm is moving forward with plans to acquire the $1.3 billion assets of the beleaguered crypto lender, Voyager.
Judge Michael Wiles says he is signing a court order that will green-light the sale and the related $20 million payout plan to Voyager customers, as reported by Reuters.
Judge Wiles denied an eleventh-hour objection from the U.S. Securities and Exchange Commission (SEC), which said parts of the $1.3 billion deal could violate securities laws.
“I cannot put the entire case into indeterminate deep freeze while regulators figure out whether they believe there are problems with the transaction and plan.”
The embattled crypto lender Voyager estimated in a court filing back in January that customers may get back about half of the amount they are owed but during a court hearing on March 2, Voyager attorney Christine A. Okike said that customers may recover about 73% based on recent prices of crypto assets.
Voyager may still opt to liquidate on its own and turn over the proceeds to customers instead of pushing through with the sale, but Voyager’s lead investment banker Brian Tichenor says the deal with Binance.US will give customers $100 million more.
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