Binance.US to buy Voyager assets for $1b

By Gloria Methri

US-based crypto lender Voyager Digital is selling its assets to crypto exchange Binance.US in a deal valued at approximately $1.022 billion.

Voyager Digital, which filed for bankruptcy protection earlier this year, said that after a review of strategic options, the Binance.US bid sets a clear path forward for its customers to gain access to their locked funds “as soon as possible”.

Binance.US is headquartered in Palo Alto, California, and is incorporated in Delaware. It is an independent legal entity and has a licensing agreement with Binance.com.

Voyager Digital LLC will seek Bankruptcy Court approval to enter the asset purchase agreement between Voyager Digital LLC and Binance.US at a hearing on January 5, 2023.

The bid aims to return cryptocurrency to customers in kind, in accordance with court-approved disbursements and platform capabilities. Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million.

Should the deal not close by April 18, 2023, subject to a one-month extension, the agreement allows Voyager to immediately return funds to customers. The sale agreement with Binance.US will be finalised pursuant to a Chapter 11 plan.

Binance.US CEO and president Brian Shroder said, “We hope our selection brings to an end a painful bankruptcy process which saw customers unfairly dragged into it at no fault of their own. Upon the close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform where they will continue to receive future disbursements from the Voyager estate.”

Voyager was advised by Kirkland & Ellis LLP, Moelis & Company LLC, and Berkeley Research Group. Binance.US was advised by Latham & Watkins LLP.