Binance to buy bankrupt crypto firm Voyager Digital for $1B

By Ovunc Kutlu

ISTANBUL (AA) – Binance's US division has agreed to buy the bankrupt cryptocurrency firm Voyager Digital for $1 billion, a company statement revealed on Monday.

Voyager Digital said it has selected Binance's offer, valued around $1.022 billion, as the highest and best bid for its assets after reviewing its strategic options.

The company said its main objective is maximizing the value returned to its customers and other creditors on an expedited timeframe.

"The Binance.US bid aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities," the statement said.

The deal is expected to be concluded by April 18, subject to a one-month extension.

After crypto hedge fund Three Arrows Capital defaulted on a loan from Voyager Digital worth approximately $670 million, the company filed for Chapter 11 bankruptcy protection on July 5.

In addition to Binance, the world's largest crypto trading platform by volume, Voyager Digital was also approached by FTX's American division, FTX US, for $1.4 billion in September.

FTX also filed for Chapter 11 bankruptcy last month, while its former CEO Sam Bankman-Fried last week was charged with defrauding investors by the US watchdog, Securities and Exchange Commission.