- Voyager Digital’s acquisition by Binance.US is set to go ahead following an agreement with the U.S. federal government.
- The crypto lender’s Unsecured Creditors Committee stated on Twitter that all parties have approved the $1 billion acquisition.
Voyager Digital has struck a deal with the U.S. federal government to allow Binance’s American arm to acquire its assets. The bankrupt crypto lender’s Unsecured Creditors Committee reached an agreement with the government for the $1 billion acquisition.
Voyager may be protected from some legal liabilities
Voyager Digital’s Official Committee of Unsecured Creditors took to Twitter on 19 April to share the latest development. As per the tweet, all parties involved in the deal have come to an agreement that will allow the deal to move forward shortly.
1/ Voyager, the UCC, and the Government reached a resolution that will allow the Plan to move forward and go effective shortly.
— Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) April 19, 2023
According to a filing in a New York District Court, Binance will continue with its original plan to acquire the bankrupt crypto lender’s assets for $1 billion.
The filing further stated that the government can continue working on an appeal on exculpation provisions that may protect Voyager Digital from some legal liabilities.
The crypto lender and its Unsecured Creditors Committee are working with Binance’s American arm to conclude the deal as soon as possible once the stipulation is approved by the New York District Court.
The Unsecured Creditors Committee said:
“The resolution is embodied in a joint stipulation providing that the appeals will continue with respect to the Plan’s exculpation provision. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay.”
The news had a bullish impact on Voyager’s native token VGX. The token gained more than 21% over the past 24 hours and was trading at $0.40 at press time.
The latest development in Voyager’s bankruptcy case comes after several attempts by the U.S. Justice Department and regulators like the Securities and Exchange Commission to block the crypto lender’s acquisition by Changpeng Zhao’s Binance.
Last month a New York judge stayed the acquisition despite it being approved by a bankruptcy judge, following an appeal from the Department of Justice.