Despite the objections of the SECthe crypto platform in bankruptcy Voyager Digital received theapproval from judge for sell his assets à Binance.US. VGX Token jumps from 20%.
On Tuesday, the American judge Michael Wiles approved the restructuring plan from Voyager Digital. The crypto lender had entered into an agreement for an amount of approximately 1 billion dollars with the American branch of the giant Binance in December.
The decision comes amidst recent opposition to the deal from several U.S. regulators. The SEC indicated that elements related to the buyout might violate the law.
After a lengthy hearing lasting several days, the judge finally ruled that the objections of the regulators did not outweigh the need to proceed with the restructuring of Voyager Digital.
We are delighted that the U.S. Bankruptcy Court for the Southern District of New York agreed with 97 percent of Voyager customers who voted that our plan offers the best path forward for Voyager users to regain control of their assets. We look forward to closing the transaction and welcoming Voyager customers.” tweeted tonight Binance.US.
Court approval allows Travel to start transferring user accounts to Binance.US. The crypto lending platform could still walk away from the deal, however, reports Reuterswhich states that the agreement is also the subject of a additional review from the Committee for Foreign Investment in the United States.
Impacted by the implosion of the Terra ecosystem in the spring of 2022, Voyager Digital declared bankruptcy last summer with the ambition to restructure.
Thanks to the deal signed with Binance, the customers of the crypto lender, which froze withdrawals at the beginning of July, will thus normally soon recover a part of their digital coins – 73% of asset value, according to Voyager.
Following the news, the price of Voyager’s native token, VGXrecorded a strong increase. Over 24 hours, its price soared by more than 20% at about $0.47.
Follow Corners.en on Twitter, Linkedin, Facebook or Telegram to not miss anything. Register-to our crypto newsletter to receive a news summary every week.