Voyager Plans to Liquidate After Binance Deal Fails

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Last Updated on May 6, 2023 by Bitfinsider

Voyager Digital will now liquidate its assets after plans to sell them to FTX US and, most recently, Binance US fell through.

According to a Friday filing, Voyager will liquidate and restore to consumers a number of digital assets on the platform that cannot be removed. Major cryptocurrencies like as Algorand (ALGO), Celo (CELO), and Avalanche (AVAX) are among them.

According to the court petition, a number of other significant cryptocurrencies on the platform will not be liquidated but would instead be refunded to users in digital form, albeit at a recovery rate of roughly 36%. Aave (AAVE), Ethereum (ETH), Bitcoin Cash (BCH), and 65 other major crypto assets are among them.

Former clients will be reimbursed soon, the failing firm announced on Twitter. “We are hopeful that initial distributions will begin within the next few weeks,” the company said.

Binance US, the crypto exchange Binance’s sister firm that purports to be controlled separately, backed out of a $1.3 billion restructuring plan to buy Voyager assets last week. The reason given was a “hostile and uncertain regulatory climate in the United States.”

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