97% of Voyager Users Support Binance.US Restructuring Plan

Voyager claims its customers overwhelmingly voted in favor of Binance.US restructuring plan ahead of bankruptcy hearing on Thursday.

On February 28th, a bankrupt crypto lender Voyager Digital revealed that its restricting plan had been supported by 97% of its customers, who represent 98% of all claims. Based on the plan, Binance.US will acquire a majority of Voyager’s digital assets.

According to a filing submitted on February 28th, more than 59,000 customers agreed that Voyager assets would be sold to Binance.US.

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Overall, 61,300 Voyager customers expressed their opinion regarding the matter. Out of them, only 3%, or over 2,000, holders opposed the restructuring plan.

During the March 2nd hearing, the company’s attorneys will seek a court’s approval of its restructuring plan.

Binance.US won the bidding process for Voyager assets in December. Based on the bid, Binance.US is set to purchase Voyager’s assets for $1.02 billion. 

However, several US regulators opposed this plan. According to an SEC court filing, the restructuring plan could violate federal securities laws. The Federal Trade Commission has also launched an investigation into Voyager Digital.

The Texas State Securities Board and the Department of Banking also objected to the deal. The authorities claim that the deal contains “inadequate disclosures.” For instance, they pointed out that unsecured creditors may only receive 24-26% of their funds.

Last year, crypto lender Voyager Digital Holdings filed for Chapter 11 bankruptcy. It is worth noting that it is Voyager’s second attempt to sell its digital assets. At the end of September 2022, crypto exchange FTX US won the bid for the crypto lender’s assets. However, the collapse of FTX and 130-related firms forced Voyager to search for another buyer.

by Gile K. – Crypto Analyst, BitDegree