Voyager-Binance Deal: Customers to Recover 51% of Pre-Bankruptcy Blockchain Assets

Voyager Digital, a crypto lender in distress, received an initial court approval to sell its assets for $1.02 million to Binance.US. Customers will be able to recover 51% of the crypto assets they had before the bankruptcy filing if the sale is approved. The deal will likely be approved by creditors.
Voyager Digital Receives Court Approval
The asset purchase agreement between Voyager, Binance.US was approved by Judge Michael Wiles of United States Bankruptcy Court in the Southern District of New York. Reuters reported this on January 11.


The deal is not final unless the creditors approve the sale. A final court hearing will be held in the future. Voyager is trying to speed up the national security review of this deal, which could determine whether it can proceed.
Joshua Sussberg, Voyager’s attorney, stated that Voyager is responding to the U.S. Committee on Foreign Investment in the United States. Sussberg said that Voyager will address any issues which could lead CFIUS not to approve the deal with Binance.US.
“We are working with Binance and their lawyers to not only handle that inquiry but to also voluntarily submit an Application to move this process along.”
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Voyager will be paid $20 million cash and customers will be transferred to Binance.US’s cryptocurrency exchange. Customers will be able to withdraw their crypto assets from this platform for the first-time after bankruptcy.
Voyager estimates that customers will be able to recover 51% of their deposits from Binance.US under the terms of the agreement. Customers will not receive a full payout if the deal is blocked by CFIUS.
The Voyager Official Committee of Unsecured Creditors approved the deal via Twitter. They noted greater recoveries for creditors that a self-liquidation.
Voyager Deal with FTX Failed


Voyager was approved by the court to sell its assets to FTX in October for $1.42 billion. Customers would have been able to recover 72% of the crypto assets they had before bankruptcy filing. The collapse of FTX led to the cancellation of the deal.
Voyager and its customers are less profitable from the recent Binance.US deal, but it could still be the best option currently.
Also read: DCG Lashes out at Cameron Winklevoss and Claims No Relationship With 3AC

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