Voyager customers vote in favor of bankruptcy plan

Voyager announced on March 1 that 97% of its customers have voted in favor of its bankruptcy plan, which includes selling its assets to Binance.US.

The 97% of voters in favor represent roughly 98% of the total claims — equating to approximately $541.61 million.

Voyager said further details would be revealed following its upcoming court hearing on March 2.

Voyager said in December 2022 that after considering all options, it has concluded that Binance.US is the highest and best bidder for its assets.

However, the U.S. SEC and regulators from New Jersey and Texas oppose the company’s plan to sell its remaining assets to Binance.US to make creditors whole, according to Feb. 24 court filings.

The regulators objected that Voyager owes Alameda a large loan which would negate most of the proceeds from selling its assets to Binance.US. Additionally, regulators are concerned that taking over Voyager’s assets will give Binance a foothold in the U.S. market without proper licensing.

The regulators also argued that Binance.US’ terms of use allow it to transfer personally sensitive data to entities outside the U.S. According to the filing:

“So, under these ToUs, customers’ information can be transferred to almost any company or person that Binance.us desires, and, if any issues arise in the customers’ access to or use of Binance.us’s Services, the customers have absolutely no right to challenge the issue.”

The Texas watchdog also argued that the deal was “unfair” to Texas residents as the state is not part of Binance.US’s jurisdiction. As such, Voyager would be obligated to hold Texans’ assets for at least six months under the sale.

Meanwhile, the FTC has objected to the company’s bankruptcy plan because it would help it dodge accountability for “actual fraud, willful misconduct, or gross negligence.”

The regulator said that if the plan is approved, it would no longer be able to take legal action or issue fines against Voyager or its former employees.

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