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Voyager Strikes Deal With US Government to Proceed With Binance Acquisition Plan

1 min
Updated by Ali M.
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In Brief

  • Voyager creditors have settled with the U.S. government over acquisition.
  • The Exculpation provision that granted immunity to Voyager will be scrapped.
  • Voyager customers could recover up to 73% of their assets if the deal closes.
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Voyager reached an agreement with the U.S. government to move forward with the $1 billion Binance acquisition plan.

The Voyager Official Committee of Unsecured Creditors tweeted, “Voyager, the UCC, and the Government reached a resolution that will allow the Plan to move forward and go effective shortly.”

Government U-turns on Voyager Plan

The government had objected to the $1 billion Binance.US acquisition earlier due to an exculpation provision. The provision immunized Voyager from past and future civil or criminal liabilities to the government.

Now, the deal will move forward without the exculpation provision. The community criticized placing the Exculpation provision in the deal. A Twitter user writes, “All these pointless delays just to try and desperately hold onto the protections, which are now finally separated from the deal they never belonged in to begin with. People would’ve had their money over a month ago if not for the slimeball move of throwing those in last minute.”

Binance Voyager Acquisition Finally Moves Forward

Binance’s Voyager acquisition faced hurdles from various regulatory authorities after it won the bid in December. In February, regulatory bodies such as the New York Department of Financial Services (NYDFS) and the Attorney General of New York opposed the deal.

Along with them, the Securities and Exchange Commission (SEC) also requested the bankruptcy court to disapprove the deal.

It is expected that Voyager customers could recover up to 73% of their assets after the deal closes. Voyager filed for Chapter 11 bankruptcy in July 2022 due to its exposure to the collapsed hedge fund Three Arrows Capital.

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since...
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