BINANCE.US RESTRUCTURING PLAN FAVORED BY 97% OF VOYAGER CUSTOMERS

The tumultuous journey of crypto lender Voyager Digital has taken a potentially positive turn, with an overwhelming 97% of Voyager account holders expressing their support for the proposed restructuring plan spearheaded by Binance.US. ⁠Binance US restructuring plan favored by 97% of Voyager customers An overwhelming majority of Voyager account holders want Binance US to buy out the firm s assets. BTC BNB zero2hero nftcommunityThis near-unanimous endorsement, representing 98% of total claims against the bankrupt company, signals a strong desire among creditors for a path toward asset recovery and a resolution to the Voyager Digital saga. Binance US restructuring plan favored by 97% of Voyager customers⁣ binanceus voyager favored cryptocurrencyexchange favorThe proposed deal, valued at $1.02 billion, aims to see Binance.US acquire the majority of Voyager's digital assets, offering a lifeline to customers who have been caught in the crosshairs of the crypto market downturn and Voyager's subsequent financial woes.

This decisive vote, meticulously documented by Director Leticia Sanchez and managed by the corporate restructuring firm Stretto, reflects a collective hope for a favorable outcome in a challenging situation. An overwhelming majority of Voyager account holders want Binance.US to buy out the firm s assets.While the customer base has largely embraced the plan, regulatory hurdles and potential challenges remain.This article delves into the details of the restructuring plan, the reasons behind its widespread support, the outstanding obstacles, and what this all means for the future of Voyager Digital and its affected customers.

Voyager Digital's Bankruptcy and the Binance.US Deal

Voyager Digital, a prominent name in the crypto lending space, filed for Chapter 11 bankruptcy protection in July 2022, a casualty of the broader crypto market crash and its exposure to Three Arrows Capital, a now-defunct hedge fund.The bankruptcy sent shockwaves through the crypto community, leaving Voyager's customers with frozen accounts and significant uncertainty about the future of their assets.

In December 2022, Binance.US, the U.S. affiliate of the global crypto exchange Binance, emerged as a potential savior, proposing a deal to acquire Voyager Digital's assets for approximately $1.02 billion. Crypto lender Voyager Digital Holdings, which filed for bankruptcy protection last year, said Tuesday night that 97% of its customers, representing 98% of total claims, voted in favor of aThis proposal offered a potential pathway for Voyager's customers to recover a portion of their funds, providing a glimmer of hope amidst the financial turmoil.

The Overwhelming Support: 97% Approval

The vote on the Binance.US restructuring plan was conducted by Stretto, a bankruptcy management firm, which surveyed 61,300 Voyager account holders with claims against the company. The plan would see Binance's U.S. entity acquire Voyager Digital's assets for $1.02 billion, a deal outlined back in December.The results were resounding: 97% of the account holders, representing 98% of the total claims, voted in favor of the plan.This translates to 59,183 ""yes"" votes, with only 3% opting to reject the proposal.

Why the Strong Support?

The overwhelming support for the Binance.US deal can be attributed to several factors:

• Prospect of Asset Recovery: The primary driver is the potential for customers to recover a significant portion of their frozen assets.The Binance.US acquisition offers a concrete plan for distribution, providing a tangible benefit compared to the uncertainty of continued bankruptcy proceedings.
• Clarity and Structure: The proposed restructuring plan provides a clear framework for the asset acquisition and distribution process. According to a Tuesday filing at the United States Bankruptcy Court for the Southern District Of New York, about 97% of Voyager s account holders accepted the $1 billion deal with Binance.US. The voting process was handled by the corporate restructuring firm Stretto and documented by Director Leticia Sanchez.This transparency likely instilled confidence among creditors who had been facing ambiguity and anxiety.
• Binance.US Reputation: Binance.US, as a relatively reputable and established player in the crypto exchange market, may have offered Voyager customers a sense of security and trust in the deal's execution.While Binance itself has faced regulatory scrutiny, Binance.US operates under separate regulations and this distinction could have influenced the voting outcome.
• Limited Alternatives: With Voyager Digital facing bankruptcy, alternative options for asset recovery were likely limited.The Binance.US offer presented the most viable and attractive solution available to creditors.

Essentially, the restructuring plan offers a practical solution to a complex problem. An overwhelming majority of Voyager account holders want Binance US to buy out the firm s assets. A move by Binance Binance US restructuring plan favored by 97% of Voyager customers - XBT.MarketWhile there might be risks involved, the potential for partial recovery likely outweighed the uncertainty of other alternatives for most Voyager customers.

Key Aspects of the Binance.US Restructuring Plan

The Binance.US restructuring plan outlines a series of steps for the acquisition of Voyager Digital's assets and the subsequent distribution of funds to creditors.Here are some of the key elements:

• Asset Acquisition: Binance.US will acquire a majority of Voyager Digital's digital assets, including cryptocurrencies and other related holdings.
• Customer Reimbursement: The plan aims to reimburse Voyager customers with a percentage of their held assets at the time of bankruptcy filing. A move by Binance US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager s customers. A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.The exact percentage will depend on the overall value of the recovered assets and the legal costs associated with the bankruptcy proceedings.
• Voyager Token (VGX): The plan's treatment of the Voyager Token (VGX) has been a point of contention. Voyager account holders are in favor of the Binance US restructuring plan proposal, but U.S. regulators are not so happy with it. آخرین اخبار خبر فوریIt is likely that VGX holders will receive a smaller recovery percentage compared to those holding other cryptocurrencies.
• Wind-Down Process: Following the asset acquisition and distribution, Voyager Digital will likely undergo a wind-down process, dissolving the company and concluding the bankruptcy proceedings.

Regulatory Hurdles and Potential Challenges

Despite the overwhelming support from Voyager customers, the Binance.US restructuring plan still faces significant hurdles, primarily in the form of regulatory scrutiny from U.S. authorities.Several regulatory agencies have expressed concerns about the deal, raising questions about its compliance with securities laws and potential impacts on market stability.

U.S.Regulators' Concerns

Key regulatory bodies, including the Securities and Exchange Commission (SEC), have voiced reservations about the proposed acquisition.Their concerns typically revolve around these issues:

• Unregistered Securities: The SEC has investigated whether Voyager Digital offered unregistered securities to its customers, potentially violating securities laws.
• Due Diligence: Regulators might assess whether Binance.US conducted sufficient due diligence on Voyager Digital's assets and liabilities before proposing the acquisition.
• Market Impact: There are concerns about the potential impact of the deal on the broader cryptocurrency market, particularly regarding concentration of power and potential anti-competitive effects.
• Consumer Protection: The regulators’ primary concern is that the deal adequately protects the interests of Voyager Digital's customers and ensures a fair and transparent distribution of assets.

These regulatory concerns could potentially delay or even derail the Binance.US acquisition.The involved parties will need to address these issues and demonstrate compliance with all applicable laws and regulations to secure regulatory approval.

What Happens Next?The Path Forward

The fate of the Binance.US restructuring plan rests on several key factors:

• Regulatory Approval: Securing approval from U.S. regulatory agencies, particularly the SEC, is the most critical step.Binance.US and Voyager Digital will need to address all regulatory concerns and demonstrate compliance with applicable laws.
• Court Approval: The bankruptcy court must approve the restructuring plan, considering the interests of all stakeholders, including creditors and regulators.
• Asset Valuation and Distribution: The accurate valuation of Voyager Digital's assets and the efficient distribution of funds to creditors are crucial for a successful outcome.
• Potential Legal Challenges: The plan could face legal challenges from various parties, potentially delaying or altering the process.

The timeline for the completion of the restructuring plan remains uncertain. On February 28th, a bankrupt crypto lender Voyager Digital revealed that its restricting plan had been supported by 97% of its customers, who represent 98% of all claims. Based on the plan, Binance.US will acquire a majority of Voyager's digital assets.It could take several months or even longer to resolve the regulatory issues and finalize the asset acquisition and distribution process.

Contingency Plans

Given the regulatory uncertainties, it is prudent for Voyager Digital and Binance.US to have contingency plans in place.These plans could include alternative asset acquisition strategies or modifications to the distribution process to address regulatory concerns.Should the Binance.US deal fall through, the Voyager bankruptcy proceedings would likely continue, potentially leading to a less favorable outcome for creditors.

Impact on Voyager Digital Customers

The Binance.US restructuring plan offers a ray of hope for Voyager Digital customers who have been impacted by the company's bankruptcy. Bankruptcy management firm Stretto conducted the balloting of Voyager customers, polling 61,300 account holders with claims against the embattled crypto holder. Of that, a total of 59,183 voted in favour of the Binance. US restructuring plan, with just 3 per cent in favour of rejecting it.While the exact amount of recovery remains uncertain, the plan provides a framework for returning a portion of their frozen assets. An overwhelming majority of Voyager account holders want Binance.US to buy out the firm s assets. A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager s customers.The ultimate impact on individual customers will depend on several factors:

• The amount of assets held at the time of bankruptcy: Customers with larger holdings will naturally receive a larger recovery in absolute terms.
• The type of assets held: The treatment of different cryptocurrencies and the VGX token under the plan will affect the recovery percentage.
• Legal and administrative costs: These costs will reduce the total amount available for distribution to creditors.
• The successful execution of the plan: Any delays or disruptions in the restructuring process could impact the timing and amount of recovery.

Voyager customers should closely monitor the developments in the bankruptcy proceedings and consult with legal or financial professionals to understand their rights and options. A determination by Binance US to get assets belonging to the bankrupt crypto lending steadfast Voyager Digital has been favored by 97% of Voyager s customers. A Feb. 28 court filing shows an overwhelming bulk of Voyager Digital relationship holders are successful favour of the buyout from the United States-based limb of the crypto speech Binance.Staying informed and proactive is crucial for navigating this complex situation.

Practical Advice for Voyager Customers

Here's some actionable advice for Voyager customers navigating this process:

1. Stay Informed: Regularly check the Voyager Digital bankruptcy website and other reliable news sources for updates on the restructuring plan.
2. Review Court Filings: Familiarize yourself with the key court filings related to the bankruptcy proceedings.
3. Consider Legal Advice: If you have significant assets held with Voyager Digital, consider consulting with a bankruptcy attorney to understand your rights and options.
4. Secure Your Crypto Assets: Regardless of the outcome of the Voyager bankruptcy, prioritize the security of your other crypto holdings by using strong passwords, enabling two-factor authentication, and storing your assets in secure wallets.
5. Be Wary of Scams: Be cautious of any unsolicited communications or offers related to the Voyager bankruptcy, as scams are common in these situations.

The Future of Crypto Lending

The Voyager Digital bankruptcy and the subsequent Binance.US restructuring plan have significant implications for the future of crypto lending.This event has highlighted the risks associated with unregulated or under-regulated crypto lending platforms and the importance of robust risk management practices. 97% of customers, representing 98% of all complaints by bankrupt crypto company Voyager, voted in favor of a chapter 11 restructuring plan. Accordingly, Binance US will implement the proposal to buy back some of the company s assets set out earlier.It has also underscored the need for greater transparency and consumer protection in the crypto industry.

Lessons Learned

The Voyager saga serves as a valuable lesson for both crypto lending platforms and investors:

• Risk Management: Crypto lending platforms need to implement robust risk management practices to mitigate the potential for losses due to market volatility or counterparty defaults.
• Transparency: Platforms should be transparent about their lending practices, risk profiles, and the security of customer assets.
• Regulation: Clear and comprehensive regulations are needed to protect consumers and ensure the stability of the crypto lending market.
• Due Diligence: Investors should conduct thorough due diligence before depositing their assets on any crypto lending platform.

The future of crypto lending will likely involve increased regulation, greater emphasis on risk management, and a more cautious approach from investors. Bankruptcy management firm Stretto surveyed 61,300 Voyager account holders with claims against the embattled crypto lender and found 97% favored the Binance.US proposed restructuring plan andThe industry needs to learn from the mistakes of the past and build a more sustainable and responsible ecosystem.

Binance.US: A Rescuer or a Strategist?

While Binance.US is being viewed as a potential rescuer in the Voyager Digital situation, it's also important to consider the strategic benefits the acquisition offers to the exchange.Acquiring Voyager's assets and customer base could significantly expand Binance.US's market share and solidify its position in the competitive U.S. crypto market.The deal could also provide Binance.US with access to new technologies or services developed by Voyager Digital.

Ultimately, the Binance.US acquisition represents a complex transaction with multiple motivations. [ad_1]A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager s customers.A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are inWhile the potential for customer recovery is a significant benefit, Binance.US is also pursuing its own strategic objectives.The challenge will be to balance these competing interests and ensure a fair and equitable outcome for all stakeholders.

Conclusion: A Cautiously Optimistic Outlook

The overwhelming support for the Binance.US restructuring plan offers a glimmer of hope for Voyager Digital customers. ⁠Binance US restructuring plan favored by 97% of Voyager customers An overwhelming majority of Voyager account holders want Binance US to buy out the firm s assets. BTC BNB zero2hero nftcommunity 👉🏻 Follow, Like, Comment and Share ️The 97% approval rate signals a strong desire for a path towards asset recovery and a resolution to the company's bankruptcy. A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyager s customers. A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.However, significant regulatory hurdles and potential legal challenges remain.The successful execution of the plan hinges on securing regulatory approval, accurately valuing Voyager Digital's assets, and efficiently distributing funds to creditors. A transfer by Binance.US to amass property belonging to the bankrupt crypto lending agency Voyager Digital has been favored by 97% of Voyager s prospects.The Voyager Digital case serves as a cautionary tale about the risks of crypto lending and the need for robust regulations and responsible practices. A transfer by Binance.US to accumulate property belonging to the bankrupt crypto lending agency Voyager Digital has been favored by 97% of Voyager s clients.While the future remains uncertain, Voyager customers should stay informed, seek professional advice, and prioritize the security of their crypto assets.Whether Binance.US can successfully navigate the regulatory landscape and deliver on its promise remains to be seen, but for now, the restructuring plan offers a reason for cautious optimism amidst a challenging situation. Voyager account holders are in favor of the Binance US restructuring plan proposal, but U.S. regulators are not so happy with it. CointelegraphThe key takeaway is that navigating the crypto landscape requires vigilance, diversification, and a healthy dose of skepticism.