97% of Voyager Customers Agree to Restructuring Plan With Binance.US

Customers of bankrupt crypto lender Voyager Digital have voted heavily in favor of its plans to sell some of its assets to the U.S. arm of crypto exchange Binance, the company said via Twitter on 1 March.

According to a 28 February court filing, bankruptcy management firm Stretto polled more than 61,000 account holders that have claims against Voyager Digital, and discovered that 97% of customers — representing 98% of total claims — were in favor of the Chapter 11 restructuring plan that will see Binance.US acquire some of the crypto lender’s assets. Voyager Digital tweeted:

The claims of the customers — who were divided into four classes, including account holder claims and three categories if general unsecured claims — which voted in favor of the deal represent over $500 million worth of assets. Despite the overwhelming support of Voyager’s customers, the Binance.US acquisition deal is still not set in stone, and the crypto lender will have to appear at a bankruptcy hearing on Thursday to seek court approval for the restructuring plan.

Voyager filed for Chapter 11 bankruptcy back in July 2022, and in September agreed to sell its assets to FTX, but that deal fell apart in November when the crypto exchange collapsed. The crypto lender once again opened a bidding process, and in December revealed that Binance.US had agreed to acquire its assets for a little over $1 billion. A month later, the U.S. bankruptcy court approved Voyager’s request to enter into an asset purchase agreement with Binance.US and seek approval from its creditors.

Not everyone has been supportive of the acquisition however. Back in February, the Securities and Exchange Commission (SEC) objected to the deal by claiming Binance.US acquiring Voyager’s assets could breach securities laws. The Texas State Securities Board and the state’s Department of Banking were also against the idea, claiming that the restructuring plan had “inadequate” disclosures.