An overwhelming majority of Voyager account holders want Binance.US to buy out the firm’s assets.
A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager’s customers.
A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.
Bankruptcy management firm Stretto conducted the balloting of Voyager customers, polling 61,300 account holders with claims against the embattled crypto lender.
Of that total, 59,183 voted in favor of the Binance.US restructuring plan, with just 3%, or 2,117 voters, rejecting it.
The voters were divided into four classes, including account holder claims and three categories of those with “general unsecured claims.” The latter groups also voted in favor of the proposal.
In December, Binance.US disclosed an agreement to buy Voyager’s assets for $1.02 billion. According to the press release at the time, the Binance.US bid “aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”
However, there has been a lot of pushback and numerous objections to the proposal by the American division of the world’s largest crypto exchange.
The Texas State Securities Board and the state’s Department of Banking objected, claiming the restructuring plan contains “inadequate” disclosures. Some of these included not informing unsecured creditors that they may only get 24% to 26% recovery rather than the 51% they would receive under Chapter 7 bankruptcy.
Related: Voyager is selling crypto assets through Coinbase, suggests on-chain data
The U.S. Securities and Exchange Commission also objected to the move in a Feb. 22 court filing, claiming that the Binance.US acquisition of Voyager assets could breach securities law.
On that same day, the Federal Trade Commission started an investigation into Voyager Digital for its “deceptive and unfair marketing of cryptocurrency to the public.”
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments