Binance US’s Voyager Acquisition Is Finally Approved By Court, VGX Soars 20%
- After a 4-day trial, the U.S. Bankruptcy Court finally gave the green light to Binance US’s plan to buy Voyager.
- The previous restructured plan has been approved by 97% of Voyager’s creditors, predicting it could restore up to 73% of assets to cash-strapped users on the company’s investment platform.
- Even so, the judge said he could still change his mind if he received new information.
- Voyager’s VGX token price surged nearly 20% following the positive news.
A US bankruptcy court judge has approved a debt restructuring plan for Voayger, a crypto lender that went bankrupt in mid-2022, including a deal to sell itself to Binance US for $1.02 billion.
The plan has been approved by 97% of Voyager’s creditors, predicting it could restore up to 73% of assets to cash-strapped users on the company’s investment platform.
Notably, the above deal was opposed by the U.S. Securities and Exchange Commission (SEC) and the New York state government. However, the Court still allowed the transaction to proceed with Binance US acquisition service because it did not provide convincing evidence.
Due to the tense legal situation, Binnace wanted to give up the acquisition at one point, but today, according to an official announcement, Binance US is pleased to announce the Court’s decision.
“We are pleased the U.S. Bankruptcy Court for the Southern District of New York agrees with 97% of Voyager customers who voted that our plan provides the best path forward for Voyager users to re-take control of their assets.
Our goal has always been to return customers their cryptocurrency on the fastest timeline possible and empower users to make decisions about their assets.”
Even so, the judge said he could still change his mind if he received new information. In addition, the deal could still fall apart if the federal government intervenes. If this happens, Voyager will be given the option to liquidate the assets themselves.
Voyager’s VGX token price has skyrocketed by nearly 30% thanks to the news that the U.S. court approved the deal with Binance US.
To this end, Voyager Digital has also attempted to deny the U.S. Securities and Exchange Commission’s claim that its VGX tokens are securities. A court filing Sunday on behalf of Voyager said the deal cost the company $10 million monthly.
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