According to a Binance blog post, Binance US has entered an agreement with Voyager Digital Ltd., in order to acquire its assets. The announcement details that the acquisition “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible.”
At the end June 2022, it was revealed that Voyager Digital secured a line of credit worth $500 million from Alameda Research, but by July 1, the TSX-listed Voyager suspended trading, deposits, and withdrawals. Voyager suffered a significant loss from Three Arrows Capital (3AC), as it was reported that 3AC owed Voyager $655 million.
On July 6, Voyager filed for Chapter 11 bankruptcy protection and it cited 3AC’s loan default. By the end of July, the U.S. Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board issued a joint letter to Voyager demanding a cease and desist against any FDIC claims Voyager had made or advertised on its website.
Then, before Sam Bankman-Fried’s and FTX’s fall from grace, it was assumed FTX would help the company and purchase Voyager’s assets. But just before the FTX cracks started to show, regulators from the state of Texas and the state’s attorney general objected to FTX purchasing Voyager. Since FTX is now out of the picture, on Dec. 19, 2022, Binance revealed that Binance US has swooped in to purchase Voyager’s assets.
The company stressed that the Binance US bid “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts.”
“Our bid is a reflection of our guiding principle that customers should come first. Our goal is simple: return users their cryptocurrencies on the fastest timeline possible,” Brian Shroder, Binance US’ CEO and president said on Monday. Shroder continued:
We hope our selection brings to an end a painful bankruptcy process, which saw customers unfairly dragged into it at no fault of their own. Upon [the] close of the deal, users will be able to seamlessly access their digital assets on the Binance US platform where they will continue to receive future disbursements from the Voyager estate.
The Binance bid follows the speculation and rumors that have surrounded the world’s largest crypto exchange by volume. There’s been criticism against the company’s proof-of-reserve (POR) efforts, and the accounting firm Mazars removed Binance’s POR audit from the web. A Reuters report published on Dec. 12, claimed the U.S. Department of Justice (DOJ) has been investigating Binance. The following day, more than $3 billion in crypto assets were withdrawn from Binance’s coffers. The stablecoin BUSD saw its supply shrink by more than $3 billion in three days after Dec. 13.
Binance said on Dec. 19, that Voyager Digital will “seek bankruptcy court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance US at a hearing on January 5, 2023.” Similar to FTX’s attempt to purchase Voyager’s assets, there could be an objection to Binance’s request before the Jan. 5 hearing.
Binance further elaborated that Voyager customers should look out for emails from Voyager Digital “regarding next steps soon.” Voyager confirmed the purchase on Monday as well, and noted that the assets would be acquired for $1.022 billion and that includes all of Voyager’s crypto assets. In addition to Binance US, INX, Wave Financial, and Crosstower also attempted to bid on Voyager’s remaining assets.
“Binance US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million,” the announcement details. “Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers,” Voyager’s update concludes.
What do you think about Binance US looking to purchase Voyager Digital’s assets? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
According to a Binance blog post, Binance US has entered an agreement with Voyager Digital Ltd., in order to acquire its assets. The announcement details that the acquisition “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible.”
At the end June 2022, it was revealed that Voyager Digital secured a line of credit worth $500 million from Alameda Research, but by July 1, the TSX-listed Voyager suspended trading, deposits, and withdrawals. Voyager suffered a significant loss from Three Arrows Capital (3AC), as it was reported that 3AC owed Voyager $655 million.
On July 6, Voyager filed for Chapter 11 bankruptcy protection and it cited 3AC’s loan default. By the end of July, the U.S. Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board issued a joint letter to Voyager demanding a cease and desist against any FDIC claims Voyager had made or advertised on its website.
Then, before Sam Bankman-Fried’s and FTX’s fall from grace, it was assumed FTX would help the company and purchase Voyager’s assets. But just before the FTX cracks started to show, regulators from the state of Texas and the state’s attorney general objected to FTX purchasing Voyager. Since FTX is now out of the picture, on Dec. 19, 2022, Binance revealed that Binance US has swooped in to purchase Voyager’s assets.
The company stressed that the Binance US bid “sets a clear path forward for Voyager customers’ funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts.”
“Our bid is a reflection of our guiding principle that customers should come first. Our goal is simple: return users their cryptocurrencies on the fastest timeline possible,” Brian Shroder, Binance US’ CEO and president said on Monday. Shroder continued:
We hope our selection brings to an end a painful bankruptcy process, which saw customers unfairly dragged into it at no fault of their own. Upon [the] close of the deal, users will be able to seamlessly access their digital assets on the Binance US platform where they will continue to receive future disbursements from the Voyager estate.
The Binance bid follows the speculation and rumors that have surrounded the world’s largest crypto exchange by volume. There’s been criticism against the company’s proof-of-reserve (POR) efforts, and the accounting firm Mazars removed Binance’s POR audit from the web. A Reuters report published on Dec. 12, claimed the U.S. Department of Justice (DOJ) has been investigating Binance. The following day, more than $3 billion in crypto assets were withdrawn from Binance’s coffers. The stablecoin BUSD saw its supply shrink by more than $3 billion in three days after Dec. 13.
Binance said on Dec. 19, that Voyager Digital will “seek bankruptcy court approval to enter into the asset purchase agreement between Voyager Digital LLC and Binance US at a hearing on January 5, 2023.” Similar to FTX’s attempt to purchase Voyager’s assets, there could be an objection to Binance’s request before the Jan. 5 hearing.
Binance further elaborated that Voyager customers should look out for emails from Voyager Digital “regarding next steps soon.” Voyager confirmed the purchase on Monday as well, and noted that the assets would be acquired for $1.022 billion and that includes all of Voyager’s crypto assets. In addition to Binance US, INX, Wave Financial, and Crosstower also attempted to bid on Voyager’s remaining assets.
“Binance US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million,” the announcement details. “Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers,” Voyager’s update concludes.
What do you think about Binance US looking to purchase Voyager Digital’s assets? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Shiba inu rose for a third consecutive session on Monday, as the meme coin continued to move away from last week’s lows. Today’s surge comes as the global cryptocurrency market cap was largely unchanged, and is down 0.01% as of writing. Monero was another notable mover to start the week, as it too rose in back-to-back sessions.
Shiba inu (SHIB) was in the green to start the week, as the meme coin rose for a third consecutive session.
Following a low of $0.00000848 on Sunday, SHIB/USD surged to an intraday high of $0.00000875 earlier today.
The move saw the token continue to climb away from last week’s low of $0.00000800, which was its weakest point since June.
Looking at the chart, SHIB has somewhat retreated from earlier highs, as price uncertainty increased, as the coin edged closer to a key resistance level.
As of writing, shiba inu is trading at $0.000008684, which is below today’s top, and below a ceiling of $0.000008800.
This comes as the relative strength index (RSI) collided with, but failed to break out of, its own resistance point at the 43.00 mark.
Monero (XMR) was another notable token to climb on Monday, as it also extended a recent bull run.
XMR/USD rose for a third straight day to start the week, hitting a high of $145.97 in the process.
Monday’s move comes as monero continues to move away from a recent support point of $140.00, which was last hit this past Saturday.
As a result of today’s surge, the RSI of 14 days is now hovering around a ceiling at the 53.00 mark, which seems to be an obstacle preventing any further upward moves.
Should this ceiling be broken, the target for XMR bulls will likely be a ceiling of $150.00, which is where the token was trading prior to last week’s U.S. Federal Reserve interest rate decision.
As of writing, XMR/USD is trading at $145.25, which is still 1.42% higher than Sunday’s low of $143.00.
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Will we see XMR hit $150.00 before Christmas day? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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