Voyager wins preliminary OK for $1b asset sale to Binance US

Bankrupt crypto broker Voyager Digital has gained preliminary approval for the proposed US$1 billion sale of its assets to Binance US, Reuters reported.

Judge Michael E. Wiles of the US Bankruptcy Court for the Southern District of New York gave the green light for a purchase agreement between Voyager and Binance US, but a final decision will be made after a future hearing.

Joshua Sussberg, a partner at law firm Kirkland & Ellis who represents Voyager, said his client is working with Binance to help push the potential transaction forward and address any concerns that may interrupt the process.

The US Committee on Foreign Investment in the United States (CFIUS) previously said that its review of the deal may play a part in the deal’s completion. If CFIUS blocks the sale, Voyager will repay customers with the crypto it currently has, leading to a lower payout than what consumers are owed.

See also: Binance in talks to acquire Indonesian crypto exchange