- The US government finally approved the Binance-Voyager deal.
- Voyager users express relief on social media after a long period of uncertainty.
- Earlier, multiple agencies tried to block the deal.
The Voyager bankruptcy case could finally come to a resolution, and users are breathing a collective sigh of relief.
In recent events, the US government has approved the deal between Binance.US and Voyager, despite their initial opposition. To Voyager users, the deal brings hope that they would get their funds back from the bankrupt exchange.
The Voyager Official Committee of Unsecured Creditors (UCC) announced the resolution on Wednesday, April 19. They added that the acquisition plan would move forward shortly.
“Voyager and the UCC are working with Binance.US to move forward as quickly as possible once this stipulation is approved by the District Court,” they added. The Committee did not disclose the exact details of the deal.
Voyager Users Relieved Over the Deal
This approval relieves the Voyager community, with many users expressing their gratitude on social media.
“Finally, some good news,” one user wrote in reply to the tweet. “Thank goodness,” another user wrote. “Hope this is the end. Great news,” another user replied.
At the same time, other users expressed skepticism, demanding to know when they would be able to access their funds.
According to the proposed deal, Voyager users could withdraw all their assets from the bankrupt lender after the deal comes through. This is why the Binance takeover found support from Voyager users, with 97% voting in favor.
Despite the overwhelming support from Voyager users, the US government had serious reservations about the deal.
Multiple US Agencies Tried to Block the Deal
The deal comes as a surprise, as US regulators argued that the deal was not in the best interest of the creditors. In fact, multiple agencies filed motions to the bankruptcy court to block the deal.
For instance, the Securities and Exchange Commission (SEC) filed several motions against the deal. In its February 22 filing, the agencies argued that Binance.US did not provide adequate disclosures to users.
The SEC was not the only agency that tried to block the deal. The Federal Trade Commission (FTC) claimed the deal would leave Voyager executives off the hook.
On the Flipside
- The deal comes as several US agencies are actively investigating Binance.US and its parent firm, Binance.
- On March 27, the Commodity Futures Trading Commission (CFTC) sued Binance for operating an unlicensed derivative exchange in the US.
Why You Should Care
For Voyager creditors, the deal means finally getting access to their funds. For the crypto community as a whole, the deal could lead to reduced expectations of contagion risk in the space.
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