Binance.US x Voyager Deal Needs To Be Wrapped by April 13: Why?

Lavina Daryanani
Source: Yahoo Finance

The Binance.US and Voyager deal has faced a host of roadblocks from regulators so far. Just a couple of days back, a Federal Judge in New York asserted that the U.S. government’s case against the deal has “substantial” merits. However, the Judge mentioned that she will try to settle the dispute quickly. Notably, pushbacks could end up “burning more than $10 million per month.”

Also Read: Voyager Pockets $610 Million After Selling Shiba Inu & Ethereum

Voyager rushes to close the deal

Now, according to the latest court filings, Voyager and its creditors could lose around $100 million if the U.S. government’s legal grievances are not sorted out over the next ten days. According to a document filed by Voyager’s creditors,

“Consummation of the plan by April 13 is necessary to preserve massive creditor value. The evidence is uncontroverted that, if the deal is not completed, Voyager’s creditors will lose roughly $100 million in value.”

Binance.US wing’s bid for Voyager last year after the previous bidder, FTX, collapsed. Via a $1 billion deal, Binance.US agreed to buy Voyager’s assets.

In another simultaneous filing, Voyager re-asserted that the delay would cost about $10 million a month. Additionally, over one million customers would not be able to access their savings. Voyager has been rushing to get the deal sealed because there are odds of the exchange pulling out.

Basically, according to the terms of the deal that was agreed upon in December last year and approved in March 2023, Binance.US can step back if the agreement isn’t closed within four months. That being said, it should be noted that the U.S. government said that the terms of the contract could prove to be a loophole for the company to exempt itself from breaches of tax and securities law. Thus, the judge recently hit pause on the already green-lit deal until the issue is catered to.

Also Read: Voyager Freshly Dumps 300 Billion Shiba Inu, 4000 Ethereum Tokens