The US division of Binance exchange has received huge support from customers of Voyager Digital concerning its restructuring plan. The ballot declaration submitted in court shows that 97% of Voyager’s users supported the move for Binance.US to buy assets from the bankrupt firm.
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The ballot process was conducted by the bankruptcy management firm Stretto, located in California, USA. The electorate was split into four classes, including account holder claims and three categories of those with “general unsecured claims”.
According to the data, 61,300 people voted. 97% (59,183) of account holders supported the plan, while 3% (2,117) opposed it.
The restructuring plan is aimed at ensuring that Binance.US purchase some of the bankrupt Voyager’s assets. The company will appear at a bankruptcy hearing on Thursday, where its lawyers will ask the court to approve the reorganization plan.
Binance.US Faces Opposition
After FTX’s proposal to acquire the remaining assets of Voyager Digital was rejected, Binance.US announced that it was going to pay $1.022 billion for the bankrupt firm. At the time, Binance stated its plan of returning crypto to Voyager’s customers based on court approval and its capabilities.
However, there have been a lot of obstacles in the way of the trading platform per its proposal for Voyager. The US Securities and Exchange Commission (SEC) objected to Binance.US’s plan to acquire the crypto lender. The regulator raised concerns about the exchange’s capability to consummate the transaction and details of its operations during and after the acquisition.
Similarly, regulators in Texas have also opposed the agreement between Binance.US and Voyager. The regulators claim that Binance.US’s restructuring plan failed to properly notify unsecured creditors that, they may only receive 24%-26% recovery, as opposed to 51% under Chapter 7.
Furthermore, American regulators believe that transferring customer information from Voyager to Binance under the proposed plan may deprive account holders of legal recourse if problems arise.
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