Good News from the Court to Binance! Permission Issued!

Cryptocurrency exchange Binance, Voyager‘of Sam Bankman-Fried’s FTXHe had agreed to buy the company in December after his deal with ‘i failed. The final decision of the court was in favor of Binance.

Court Allows Binance Offer to Buy Voyager Assets

The deal proposed by the bankrupt crypto lender Voyager to sell some of its assets to Binance US is one step closer to becoming a reality.

US District Judge Michael Wiles of the Southern District of New York bankruptcy court approved disclosure statements explaining various aspects of the proposed plan to sell the Voyager assets during a hearing on Tuesday afternoon.

Voyager initially agreed to sell itself to FTX, but reopened the bidding process after Sam Bankman-Fried’s stock market crashed in November. Binance.US was the winner with its bid in December.

Kirkland & Ellis attorney Joshua Sussborg, who represents Voyager, said at the beginning of the hearing that progressing the settlement with Binance US would be in the best interest of Voyager’s creditors.

The proposed deal has been challenged by the Securities and Exchange Commission (SEC), state regulators, the U.S. Trustee’s office, and private parties.

The Committee on Foreign Investments in the United States (CFIUS) also said it would review deals made by the lender that filed for bankruptcy last year. The judge noted that the committee’s issues are truly irrelevant for today.

Speaking on behalf of Voyager during the hearing, Kirkland & Ellis partner Christine Okike said attorneys “resolved for today’s purposes” appeals filed by the SEC and the state of New Jersey.

“Borrowers state that we have done due diligence on Binance US and Binance US’s financial statements show that it has sufficient cash on hand to pay borrowers up to the maximum amount owed to $35 million.” said.

*Not investment advice.

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