Binance US restructuring plan favored by 97% of Voyager customers

A determination by Binance US to get assets belonging to the bankrupt crypto lending steadfast Voyager Digital has been favored by 97% of Voyager’s customers.

A Feb. 28 court filing shows an overwhelming bulk of Voyager Digital relationship holders are successful favour of the buyout from the United States-based limb of the crypto speech Binance.

Bankruptcy absorption steadfast Stretto conducted the balloting of Voyager customers which polled 61,300 relationship holders with claims against the embattled crypto lender.

Of that total, 59,183 voted successful favour of the Binance US restructuring program with conscionable 3%, oregon 2,117 voters rejecting it.

Account holder claims voting results: Source: Stretto

The voters were divided into 4 classes including, relationship holder claims and 3 categories of those with “general unsecured claims.” The second groups besides voted successful favour of the proposal.

In December, Binance US disclosed an agreement to bargain Voyager’s assets for $1.02 billion. According to the property merchandise astatine the time, the Binance US bid “aims to instrumentality crypto to customers successful kind, successful accordance with court-approved disbursements and level capabilities.”

However, determination has been a batch of pushback and galore objections to the connection by the American part of the world’s largest crypto exchange.

According to a Feb. 24 tribunal filing, the Texas State Securities Board and the Department of Banking objected to the projected deal.

It claimed the restructuring program incorporate a fig of “inadequate" disclosures. Some of these included not informing unsecured creditors that they whitethorn lone get 24% to 26% betterment alternatively than the 51% they would person nether Chapter 7 bankruptcy.

Related: Voyager is selling crypto assets done Coinbase, suggests on-chain data

The Securities and Exchange Commission (SEC) also objected to the move. A Feb. 22 tribunal filing claimed the Binance US acquisition of Voyager assets could breach securities law.

On the aforesaid day, the Federal Trade Commission (FTC) started an investigation into Voyager Digital for its “deceptive and unfair selling of cryptocurrency to the public.”