Voyager Digital, a crypto brokerage firm that had been struggling to recover from failed acquisition deals, has announced its plan to move forward. The company hit a roadblock when the United States Securities and Exchange Commission (SEC) raised concerns over Binance.US’s attempt to acquire assets belonging to Voyager Digital.
The SEC argued that Binance.US had not complied with some financial regulatory requirements, particularly on securities listings, and that the exchange would have significantly benefited from Voyager Digital’s customer base.
Related: US SEC to Take Actions Against CZ and Binance Exchange – More Bloodbath In Crypto Market – Coinpedia Fintech News
Voyager Digital’s Assets
Despite these setbacks, Voyager Digital has revealed that it holds approximately $1.334 billion in assets, which is equivalent to 75.68% of the aggregate value of customer claims against the company. However, the remaining 35.72% is being held back for taxes, litigation costs, FTX and Alameda claims, and other expenses.
Customers offered crypto or cash option
To compensate customers, Voyager Digital has issued the option to receive their initial recovery in either cash or cryptocurrency. However, cash payouts will take place after 30 days, while cryptocurrency payouts will be given priority.
Voyager Digital customers may receive additional recoveries in the future, company notes
The company has also noted that customers may receive additional recoveries in the future, depending on the outcome of various claims and disputes. This could be in either cash or crypto at the Plan Administrator’s discretion.
Overall, Voyager Digital is taking steps to restore confidence in its business and ensure that customers are adequately compensated for their losses.
Credit: Source link
