A move by Binance.US to acquire assets belonging to the bankrupt crypto lending firm Voyager Digital has been favored by 97% of Voyagerโs customers.
A Feb. 28 court filing shows an overwhelming majority of Voyager Digital account holders are in favor of the buyout from the United States-based arm of the crypto exchange Binance.
Bankruptcy management firm Stretto conducted the balloting of Voyager customers, polling 61,300 account holders with claims against the embattled crypto lender.
Of that total, 59,183 voted in favor of the Binance.US restructuring plan, with just 3%, or 2,117 voters, rejecting it.
The voters were divided into four classes, including account holder claims and three categories of those with โgeneral unsecured claims.โ The latter groups also voted in favor of the proposal.
In December, Binance.US disclosed an agreement to buy Voyagerโs assets for $1.02 billion. According to the press release at the time, the Binance.US bid โaims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.โ
However, there has been a lot of pushback and numerous objections to the proposal by the American division of the worldโs largest crypto exchange.
The Texas State Securities Board and the stateโs Department of Bankingย objected, claiming the restructuring plan contains โinadequateโ disclosures. Some of these included not informing unsecured creditors that they may only get 24% to 26% recovery rather than the 51% they would receive under Chapter 7 bankruptcy.
Related: Voyager is selling crypto assets through Coinbase, suggests on-chain data
The U.S. Securities and Exchange Commission alsoย objected to the moveย in a Feb. 22 court filing, claiming that the Binance.US acquisition of Voyager assets could breach securities law.
On that same day, the Federal Trade Commission started an investigation into Voyager Digital for its โdeceptive and unfair marketing of cryptocurrency to the public.โ
