A US bankruptcy judge has approved Binance.US’ $1.3 billion deal to acquire the assets of Voyager, a cryptocurrency trading platform. The agreement stipulates that Binance.US will pay a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. If the deal fails to close by April 18, 2023, Voyager will immediately move to return value to customers.
The deal marks a significant milestone for both companies as they seek to expand their reach in the highly competitive cryptocurrency market. Binance is one of the largest cryptocurrency exchanges in the world, while Voyager has emerged as a major player in the space due to its user-friendly trading platform and commission-free trading.
The acquisition will allow Binance.US to expand its product offerings and tap into Voyager’s user base, which has grown rapidly in recent years. Voyager’s CEO Steve Ehrlich said in a statement that the deal will allow the company to “accelerate our growth trajectory and bring even more value to our customers.”
The judge’s approval of the deal comes after several weeks of negotiations between the two companies, during which Binance.US had to overcome a number of regulatory hurdles. The acquisition is expected to close in the coming weeks, subject to customary closing conditions and regulatory approval.
Conclusion
This is a big win for the crypto space in the United States. SEC has been going after crypto exchanges with hefty fines. Companies like Coinbase have been vocal about it and asking regulators to provide laws that they can abide instead of hampering the crypto space.
The deal is also expected to provide a boost to the broader cryptocurrency market in the US, which has seen a surge in interest in recent months as investors seek out alternative investment options. With the acquisition of Voyager, Binance.US is positioning itself as a major player in the space, with the potential to shape the future of the cryptocurrency market for years to come.
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