Bankrupt crypto broker Voyager Digital has submitted a plan for customers to recover their assets through Binance US.
The early opt-in period for this process has already begun, allowing Voyager customers to start sharing their personal information to help Binance US create new or link existing accounts. It is expected that the deal between Voyager and Binance US will close and payments will commence in March.
However, Binance US has warned that customers in certain states, such as Hawaii, New York, Texas, and Vermont, may have to wait up to six months longer to recover their assets.
This is due to Binance US not being able to operate in these states and therefore, not being able to create accounts for users. In such cases, Voyager will convert the distributions allocated to these customers to cash and distribute them separately.
The rest of Voyager’s US-based customers will need to provide personal details such as their email address, social security number, and date of birth to have a Binance US account created on their behalf. A claims portal set up by Voyager displays the value of the assets filed for bankruptcy.
It is important to note that customers will not get back 100% of what they are owed. The actual recovery amount will be a percentage of the claim amount as determined by Voyager’s rebalancing.
The Official Committee of Unsecured Creditors has said that the actual recovery will depend on market prices. For instance, customers would have seen a 51% recovery of their assets using market prices on December 18, 2022.
However, the creditor committee later clarified that this percentage was for illustration purposes only, and actual payouts will depend on the market the day the deal closes.