Binance.US, the American subsidiary of Binance, has received court approval to acquire Voyager Digital’s assets.
The SEC had filed a limited objection to the acquisition in early January 2023, raising concerns about how the crypto exchange was able to afford such a large deal and whether parts of the deal violated federal laws.
However, the bankruptcy judge of the Southern District of New York struck down the SEC’s claims after four days of hearings.
The deal, which is worth over $1 billion, will enable Binance.US to welcome Voyager customers and could result in creditors making a nearly 73% recovery.
In response, Binance.US said that they aim to return customers their cryptocurrency on the fastest timeline possible and empower users to make their own decisions about their assets.
Notably, Binance.US is the second crypto firm to win the rights to acquire Voyager’s assets. FTX had initially won the bid, but after filing for bankruptcy in June 2022, Voyager held a second bidding round, with Binance.US emerging as the winner.
While the court’s decision has given a boost to Voyager’s token, VGX, which surged by over 23% in just the past hour, Binance.US is still under scrutiny.
The United States Committee on Foreign Investment (CFIUS) is investigating the Voyager and Binance.US deal, and its review could impact the deal’s completion as Binance.US has until April 18, 2023 to finalize the acquisition.
