Voyager Digital Plans to Return Funds to Users in March via Binance.US Accounts

Bankrupt crypto broker Voyager Digital has unveiled a debt repayment plan, according to which, starting in March, assets will be reimbursed to the company’s clients through Binance.US accounts.

Voyager Digital’s announcement says that an agreement with Binance.US to buy out $1 billion of the company’s assets will be finalized by March. This will allow Voyager customers to look forward to gaining access to their assets in the near future. In order to receive a refund, they must register their accounts on the Binance.US platform and provide personal information such as email addresses, social security numbers, and dates of birth.

The company draws the attention of users that the amount of the refund will not be the full value of the clients’ assets. The amount of the payment will depend on market prices and represent a percentage of the claim amount after the rebalancing of Voyager’s assets.

Voyager also notified users in several US states, including Hawaii, New York, Texas, and Vermont, that they will have to wait at least six months for refunds to begin until Binance.US receives regulatory approval to provide cryptocurrency services in these states. If Binance.US does not obtain the necessary licenses to operate in unsupported states, then client assets may be converted into fiat currency and distributed on a separate basis.

Binance.US’s concerns about possible problems in obtaining the necessary licenses are not unfounded. In January, the US Securities and Exchange Commission (SEC) filed an objection to the New York Bankruptcy Court against Binance.US’s proposed plan to buy Voyager. The regulator believes that the purchase agreement does not contain details about the measures to protect the assets of the exchange’s customers, as well as the ability of Binance.US to close the deal.