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Binance Acquisition Takes Voyager Forward

Voyager has received approval from the US government to proceed with its $1bn acquisition plan for Binance. The Voyager Official Committee of Unsecured Creditors announced on Twitter that “the government reached a resolution that will allow the plan to move forward and go effective shortly.” The government had initially objected to the deal due to an exculpation provision that immunised Voyager from past and future civil or criminal liabilities to the government. However, the deal will now proceed without the provision. Voyager filed for Chapter 11 bankruptcy in July 2022 due to its exposure to the collapsed hedge fund Three Arrows Capital. The acquisition is expected to be successful, with Voyager customers potentially recovering up to 73% of their assets.

The acquisition of Voyager by Binance faced hurdles from various regulatory authorities after it won the bid in December. These included objections from the New York Department of Financial Services and the Attorney General of New York, along with the Securities and Exchange Commission, which requested the bankruptcy court to disapprove the deal in February. The community criticised the placing of the exculpation provision in the deal, which caused delays before being removed.

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