US authorities approve the deal to transfer Voyager’s assets to the Binance.US exchange
As part of the agreement with the committee of unsecured creditors, they can challenge the release provisions
20.04.2023 - 08:20
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2 min
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What’s new? On April 19, the official committee of unsecured creditors (UCC) of Voyager Digital and the US government reached an agreement to sell the bankrupt crypto broker’s assets to the US arm of the Binance exchange for more than $1 billion. According to the court filing, authorities may continue to work on an appeal of the exemption provisions. Authorities argue that the terms protect Voyager from certain legal liabilities.
2/ The resolution is embodied in a joint stipulation providing that the appeals will continue with respect to the Plan’s exculpation provision. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay. — Voyager Official Committee of Unsecured Creditors (@VoyagerUCC) April 19, 2023
More details about the situation. The UCC said that it is working with Voyager and Binance.US to finalize the deal as quickly as possible after the court approves the agreement.
On March 7, Judge Michael Wiles approved Voyager’s deal with Binance.US, saying objections from a number of regulators do not outweigh the need to restructure the broker. Back then it was opposed in particular by the Securities and Exchange Commission (SEC).
On March 15, the New York attorney’s office decided to postpone the deal, fearing that selling the broker would absolve it of liability for past regulatory violations. On the same day, Wiles rejected the ruling, saying that further waiting would hurt Voyager’s customers, who have been unable to access their cryptocurrencies since declaring bankruptcy in July 2022.
Federal authorities also believe that the disclaimer provisions protect Voyager from certain legal obligations, but under the agreement with creditors, they can challenge them without suspending the deal. In its March 15 ruling, Wiles also emphasized that the deal provisions “do not prevent any regulatory action, including actions to halt the cryptocurrency sales and distributions outlined in the plan.”
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