Binance US, the American branch of the popular cryptocurrency exchange Binance, has won the bid to acquire troubled crypto brokerage firm Voyager Digital. The deal, worth just over $1 billion, will see Binance US take over the assets and operations of Voyager, which filed for bankruptcy earlier this year and had its customer payments frozen.
Previously, FTX US had expressed interest in acquiring Voyager, but the collapse of Sam Bankman-Fried’s cryptocurrency empire made this option no longer feasible. A bankruptcy court hearing is scheduled for January 5th to decide on the final approval of the Binance US deal.
Last month, Binance CEO Changpeng Zhao had announced that the company would be making an offer for Voyager. Prior to the collapse of FTX, this had reportedly not been an option as FTX US was willing to pay a premium for the assets and had offered $1.4 billion.
Voyager has faced criticism for providing $675 million in loans to speculative fund Three Arrows Capital, which have proved to be uncollectible.