The majority of Voyager Digital’s clients approved the company’s decision to sell its assets to Binance US, the crypto industry’s American subsidiary.
Around 97% of Voyager’s account holders approved the $1 billion purchase with Binance US, according to a Tuesday filing at the United States Bankruptcy Court for the Southern District of New York. Director Leticia Sanchez took notes during the voting process, which was administered by the corporate restructuring company Stretto.
Class 3 – Account Holder Claims, Class 4A – OpCo General Unsecured Claims, Class 4B – HoldCo General Unsecured Claims, and Class 4C – TopCo General Unsecured Claims are the four categories into which Stretto divided the voters.
Binance US Has A New Plan
Voters received their ballots on January 25, and they had until February 22 to turn them in. The restructuring company distributed both paper ballots and electronic ones. Remember that after the initial asset auction winner, the cryptocurrency exchange FTX, filed for bankruptcy, Binance.US reached a $1 billion agreement with Voyager.
On January 10, the agreement obtained its initial approval. According to sources, United States District Judge Michael Wiles approved the agreement and ordered both companies to create a purchase plan and seek approval from creditors for the sale. The sale will make it possible for the court to release 51% of the customers’ assets that have been withheld as a result of the bankruptcy petition, pending final court approval at a hearing this month.
In the meanwhile, several American organizations have voiced opposition to the reorganization proposal. The motion has been contested by the Texas State Securities Board, the Federal Trade Commission, and the Securities and Exchange Commission (SEC).
