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Voyager said it has about $1.3 billion in cryptocurrency on its platform and more than $350 million in cash on behalf of clients of the Metropolitan Commercial Bank of New York.
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binance.US acquires crypto assets and customer deposits voyager digital Weeks after the planned FTX-Voyager acquisition fell through, in a $1.02 billion deal FTXof collapse and Sam Bankman Freed’s arrest.
According to Binance.US, despite its nominal independence, Binance.US operates as a “de facto subsidiary” of the international Binance business. Reuters.
Voyager submitted In July 2022, crypto hedge fund Three Arrows Capital (3AC) was asked for bankruptcy protection after it defaulted on a large loan position extended by Voyager. At the time of filing, the cryptocurrency exchange had approximately $1.3 billion in assets, compared to $5.8 billion worth of assets at the end of 2021, 3AC said he owed more than $650 million. I was.
In a press release, Voyager said that the Binance.US offer was after considering strategic options with the primary objective of maximizing the value returned to customers and other creditors in an expedited timeframe. It is the highest and best bid for that asset.
Binance.US is nominally independent from the international Binance. Binance CEO Changpeng “CZ” Zhao said he founded Binance in 2017 and within five months of its founding he had over 1 million US users.Zhao eventually sold his U.S. business to Binance.US According to Reuters, in 2019 it will help the “Regulatory Investigations Clearinghouse” to capture and contain concerns from federal regulators.
Over 1.7 million Voyager users wanted to know what happened to cryptocurrencies. When there is an FTX trade announcedusers were supposed to receive account credits along with management of certain cryptocurrencies supported by FTX. After being cornered, Voyager, like many other FTX acquisition targets, was in trouble.
It is not yet clear how Voyager’s pending acquisition will affect Binance’s stake in FTX-Alameda’s bankruptcy.
Voyager representatives did not immediately respond to comments.
Correction: Binance.US was founded in 2019. The year was listed incorrectly in previous versions.
