Binance.Us To Acquire Bankrupt Voyager Digital’s Assets for $1.02B

The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.

Bankrupt crypto lender Voyager Digital Ltd. announced that Binance.US will acquire its assets for over $1B as the crypto exchange’s bid emerged as the highest and best bid for the assets.

According to a press release, Binance has been selected as the highest and best bid for its assets "after a review of strategic options with the core objective of maximizing the value returned to customers and other creditors on an expedited timeframe." The bankrupt firm had previously agreed to sell its assets to crypto exchange FTX before that company collapsed last month.

Voyager also revealed that the Binance.US bid is valued at approximately $1.022 billion and that will seek Bankruptcy Court approval to enter into the asset purchase agreement at a hearing on January 5, 2023.

Voyager said Binance will make a $10 million good faith deposit and reimburse Voyager for certain expenses up to a maximum of $15 million. Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers.

Altough the acquisition "will sets a clear path forward for Voyager customer funds to be unlocked as soon as possible," Voyager's claims against Three Arrows Capital "remain with the bankruptcy estate, and any future recovery on these and other non-released claims will be distributed to the estate's creditors," the failed company precises.The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.

This sale agreement follows Voyager's entrance into a voluntary restructuring process. In July, the company declared bankruptcy and filed for Chapter 11 petition, becoming the second high-profile crypto-firm to take this decisive action after world's largest crypto hedge fund Three Arrows Capital.