Binance.US’s $1 Billion Deal with Voyager Digital Gets Judge’s Confirmation

In a plot twist worthy of a Hollywood movie, Binance.US has been given the green light to swoop in and purchase Voyager Digital’s assets, a failed crypto exchange. This wasn’t an easy feat, a federal judge had to confirm the modified restructuring plan, which included the whopping $1 billion deal, after a four-day hearing marathon.

The plan faced some pushback from the Securities and Exchange Commission (SEC), other regulators, and some creditors, who had concerns about Binance.US. But Judge Michael Wiles wasn’t convinced that Binance.US was up to no good, saying that he had no actual evidence to suggest that they should be denied. The judge’s decision does come with some changes, though, including tweaks to an exculpation provision and details about how Binance.US will handle customer data.

A spokesperson for Binance.US was pleased with the ruling, calling the SEC’s allegations “regrettable” but promising to return customers their cryptocurrency as soon as possible. It’s still possible that the inter-agency Committee on Foreign Investment in the United States could derail the deal, but for now, it’s looking good.

The bankruptcy case has been a wild ride, with the judge acknowledging the unusual nature of the situation and the shifting regulatory environment. He also threw some shade at other collapsed crypto firms, including FTX, who tried and failed to buy Voyager’s assets before filing for bankruptcy last year. If everything goes according to the current plan, customers could see a 73% recovery under the proposal.

It wasn’t all smooth sailing, though. Judge Wiles had some choice words for various government agencies during the hearing, admonishing the SEC for telling the court that Binance.US was operating an unregistered securities exchange without providing any evidence to back up their claim.

After over 20 hours of testimony, the judge finally came to his decision, thanking creditors for their hard work and energy throughout the case. It’s been a long time coming, with customers and creditors denied access to their assets for many months. But now, there’s finally light at the end of the tunnel.

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