Binance triggered a rally in the respective altcoin price as part of the deal to buy bankrupt cryptocurrency company Voyager Digital.
Binance’s buyout has blown this altcoin project
Bankrupt crypto lender Voyager Digital received its first court approval Tuesday for the $1 billion sale of its assets to Binance.US, saying the deal will seek to speed up US national security scrutiny.
US Bankruptcy Judge Michael Wiles in New York allowed Voyager to enter into an asset purchase agreement with Binance.US and seek creditor votes for the sale, which will not be finalized until a future court hearing. The conclusion of the acquisition deal results in a rally for Voyager’s cryptocurrency VGX. VGX is up over 40% at the time of writing.
In details, Voyager’s attorney Joshua Sussberg said at Tuesday’s court hearing that Voyager was responding to concerns raised during the holidays by the United States Committee on Foreign Investments (CFIUS), an inter-agency body that examines foreign investment in US companies for national security risks. He said Voyager plans to address issues that would cause CFIUS to oppose the transaction.
Sussberg notes that the Binance transaction includes a $20 million cash settlement and Voyager’s agreement to transfer its clients to the Binance.US crypto exchange. Customers will then be able to withdraw for the first time since July.
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