Voyager Has a Plan For Users Withdrawals On August 11

Voyager has reportedly been authorized by the court to return $270 million to users, whose funds were locked at Metropolitan Commercial Bank. Now the company is planning to reopen withdrawals for customers next week.

Voyager reopens withdrawals for customers

As was updated in an earlier Coincu News article, Judge Wiles stated that Voyager had provided “sufficient basis” for its claim that customers should access custodial accounts held at Commercial Bank. Metropolitan Commercial Bank (MCB), which is understood to hold $270 million in cash.

Late on August 5, Voyager made the announcement on its blog. Voyager Digital is planning to let customers withdraw their funds.

“We know how important it is to access your cash, and with this approval, we will soon begin processing cash withdrawals,”

The company wrote in its blog post

Voyager expects to begin allowing access to the Voyager app solely for cash withdrawals beginning on August 11. Users of the platform will be able to request withdrawals of up to $100,000 in U.S. dollars via ACH per day.

Customers will receive an email detailing their holdings. Users have until October 3 to file a claim against the company if they see discrepancies between the statement and their account.

Voyager says that customers will receive funds in 5 to 10 business days and that it aims to process requests “as quickly as possible” It notes that requests must be subjected to manual review, which includes fraud reviews and account reconciliation. Precise timing will also depend on users’ banks.

Voyager also confirmed that it is engaged in plans that will see it reorganize its company. Today, it said it is “pursuing a standalone restructuring process and a potential sale of the company.”

It noted that the court has approved bidding procedures for the sale of the company. It said that bids are due by August 26 and that a sale hearing will be held on September 8.

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