There is still no official date for when Binance will re-enter the Japanese market, but Sakura Exchange BitCoin (SEBC) will close doors on 31 May, and reopen as Binance Japan sometime after June.
Customers in Japan who wished to continue using the exchange under the Binance name will have to undergo new identity verification and KYC checks.
40 branches of Signature Bank will be reopened and operated as Flagstar Bank after it acquires $38.5 billion in non-crypto deposits and $12.9 billion in loans.
The FDIC confirmed that the $4 billion in Signature Bank crypto deposits will be directly returned to customers who had opened a digital asset banking account.
A bankruptcy judge has denied the government’s request to halt the deal between Voyager and Binance, arguing that further delays would only harm customers.
The government argued the deal should be amended, or struck down, because it seeks to effectively absolve Voyager and its staff of violations of tax or securities law.
Bankruptcy Judge Michael Wiles gave Voyager the permission to close its $1 billion deal with Binance.US, and issue repayment tokens to affected customers.
Judge Wiles also rejected the SEC’s arguments that the deal could potentially violate U.S. securities laws, and criticized the regulator for attacking the sale without first concluding if it was illegal.
59,183 out of 61,300 Voyager account holders voted in favor of the restructuring plan that will see Binance.US acquire Voyager’s assets for a little over $1 billion.
Voyager Digital is now expected to appear at a bankruptcy hearing on Thursday in order to seek court approval to proceed with the deal.
Acquiring a majority stake in the GOPAX crypto exchange will allow Binance to re-enter the South Korean market, two years after it left.
The funds for the acquisition came from Binance’s Industry Recovery Initiative, and will be used to enable customer withdrawals and interest payments on GOPAX.
Bankrupt crypto lender Voyager Digital has received an initial approval from the bankruptcy court to sell its assets to Binance.US for a little over $1 billion.
The deal, however, still requires approval from a majority of Voyager’s creditors, and is subject to another confirmation hearing scheduled for March.
The acquisition of FSA-regulated Sakura Exchange BitCoin marks Binance’s regulatory-compliant re-entry into the Japanese market.
The exchange was forced to limit its operations in Japan, and abandon its plans for a regional headquarters, when it received a warning from the FSA in 2018, and once again in 2021.