Voyager Digital Plans To Recover User Money Through Binance.US Accounts

Key Points:

• Bankruptcy cryptocurrency company Voyager Digital seeks court permission to recover users’ funds through Binance.US accounts.
• This company’s deal with Binance.US is expected to close in March and allow users to withdraw funds.
• Voyager US customers will need to provide personal information such as email address, social security number, and date of birth to create their Binance.US account.

According to court filings, insolvent crypto broker Voyager Digital has filed a plan for customers to get their assets back through Binance US.

The documents show that Voyager Digital’s deal with Binance.US is expected to close in March and allow users to withdraw funds. However, users in Hawaii, New York, Texas, and Vermont will have to wait another six months as they cannot create accounts on Binance.US.

Joshua Sussberg, the partner at Kirkland & Ellis, said if Binance.US did not obtain the necessary licenses or authorizations to operate in unsupported countries within six months of the end of the acquisition agreement, then Voyager will transfer the assets that can be distributed to the customers of that country and converted to cash and will be distributed separately.

“To the extent, Binance US does not receive the required licensing and/or authorization to operate in the unsupported states within 6 months from the closing of the asset purchase agreement, Voyager will convert the distributions allocable to such customers to cash and will distribute them separately,”

Kirkland & Ellis partner Joshua Sussberg wrote in the court filing.

The remaining Voyager US customers will need to provide personal information such as email addresses, social security numbers, and dates of birth to create their Binance.US accounts. The claim portal built by Travel also shows users the value of their assets. However, the client can still get 100% of his money back.

“Your actual recovery amount will be a percentage of your claim amount, as determined by Voyager’s rebalancing,”

A screenshot in the court filing reads.

A few months ago, Voyager customers thought they would go through a similar checkout process with FTX US. But after Sam Bankman-Fried’s vast crypto empire filed for Chapter 11 bankruptcy protection in November, Voyager reopened the bidding process for its assets and received a $1 billion settlement with Binance.US.

The final hearing on Binance.US’s acquisition of this company’s assets will be held on March 2, and the date for calculating the price of the user’s withdrawals is yet to be determined.

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