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Binance.US restructuring plan favored by 97% of Voyager customers

An overwhelming majority of Voyager account holders want Binance.US to buy out the firm’s assets.

Binanc.US 's move to buy the property of Voyager Digital, a failed password and credit company, has received strong support from 97 per cent of Voyager users.

The vast majority of Voyager Digital account holders are eligible to be purchased from the US arm of Binance, a password trading center, according to a court filing on February 28th.

Stretto, the bankruptcy administrator, conducted an online poll of Voyager customers, examining 61300 account holders who explicitly filed claims against the beleaguered password borrower.

Of these, 59183 online voted in favor of the Binanc.US restructuring plan, and only 3%, or 2117 voters, boycotted the plan.

Electors are divided into four categories, including account holder claims and three categories of claims with "generally unsecured claims". After that, many teams also voted in favor of this proposal.

Last December, Binance.US announced an agreement to buy Voyager's property for $1.02 billion. According to the press release of the year, Binanc.US 's bid "aims to return passwords to customers in the form of goods in accordance with the payment and platform capabilities approved by the people's court."

But the proposal of the American unit of the world's largest cryptographic exchange has met with many curbs and countless resistance.

The Texas Securities Commission and the state's Department of Financial institutions resisted, saying the details of the restructuring plan were "incomplete." Some of these measures involve not notifying unsecured creditors, who may only get 24% to 26% of the recovery, rather than 51% of the 51% he got under chapter 7 of the company law.

The Securities and Exchange Commission resisted the move in a court filing on Feb. 22, claiming that Binanc.US 's acquisition of Voyager property was likely to violate securities law.

On the same day, the Federal Trade Commission launched an investigation into Voyager Digital, mainly because of its "fraudulent and unequal marketing of digital money to the public."

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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