Binance.US, the United States-based arm of the popular cryptocurrency exchange Binance, has been granted permission to acquire Voyager Digital’s assets in a deal worth over $1 billion. The acquisition is set to bolster Binance.US’s position in the highly competitive cryptocurrency market and expand its range of services.
Following a four-day hearing where both Voyager Digital and the SEC provided testimonies, a US Bankruptcy Judge approved the acquisition. Despite the SEC’s objections, Judge Michael Wiles dismissed their claims that the transfer of funds from Voyager to Binance.US was in violation of US securities laws.
As part of the deal, Binance.US will provide payback tokens to affected Voyager clients, reimbursing them for nearly 73% of their losses. The court also considered concerns regarding the transfer of personal information to Binance.US and whether the acquisition was in the best interest of creditors, but ultimately concluded that the Voyager restructuring should move forward.
The approval of the Binance.US acquisition comes on the heels of a statement from Judge Wiles, made just a day before, that no US agency could prosecute Voyager executives in relation to the issuance of a prospective bankruptcy token. This development is expected to have a profound impact on the cryptocurrency market and could potentially open up opportunities for further consolidation in the industry.
