Bankrupt crypto broker Voyager Digital has submitted a plan for customers to recover their assets through Binance US, according to court filings.
The early opt-in period started last week, meaning that Voyager customers can begin sharing data to help Binance US create new or link existing accounts ahead of settling claims. Voyager and Binance US wrote in the filing that they expect the deal to close and payments to begin in March.
But Binance US warned that customers in Hawaii, New York, Texas, and Vermont may have to wait up to six months longer because it can’t create accounts for users in states where it’s not allowed to operate.
“To the extent Binance US does not receive the required licensing and/or authorization to operate in the unsupported states within 6 months from the closing of the asset purchase agreement, Voyager will convert the distributions allocable to such customers to cash and will distribute them separately,” Kirkland & Ellis partner Joshua Sussberg wrote in the court filing.
The rest of Voyager’s U.S.-based customers will need to provide personal details, like their email address, social security number, and date of birth, so a Binance US account can be created on their behalf. A claims portal set up by Voyager also shows users the value of their assets the company filed for bankruptcy, July 5, 2022.
That doesn’t mean customers are getting back 100% of what they’re owed, though.
“Your actual recovery amount will be a percentage of your claim amount, as determined by Voyager’s rebalancing,” a screenshot in the court filing reads.
Last month, Voyager’s Official Committee of Unsecured Creditors elaborated on Twitter, saying that actual recovery will depend on market prices.
“Voyager has a relatively high percentage of altcoins,
