The US government and the Voyager Unsecured Creditors Committee (UCC) have come to an agreement that permits the anticipated redemption of Binance US.
The resolution, which the US administration has decided can proceed with the agreement without it and won't be blocked, is incorporated in a general paragraph that specifies that appeals will continue against the plan's waiver provision.
“The resolution is embodied in a joint stipulation providing that the appeals will continue with respect to the Plan’s exculpation provision. The Government has agreed that the Plan may move forward without such provision and will not otherwise be subject to the stay.”
As soon as the District Court authorizes the conditions, Voyager and the Unsecured Creditors Committee will collaborate with Binance.US to move forward with the transaction.
Earlier, the US authorities persisted in preventing Binance US from buying the insolvent cryptocurrency startup Voyager. The Department of Justice most recently appealed a judge's decision to approve a case in a New York court. Or earlier, because Binance US is an unregistered stock exchange with this organization, the US Securities and Exchange Commission (SEC) also took a similar move, citing a violation of federal securities laws.
Voyager, a bankrupt cryptocurrency startup, made the decision to sell to FTX. However, it abruptly collapsed in a short period of time, leaving Binance US with the acquisition. Due to unhappiness with the US government, Voyager investors must still wait a long time before obtaining their reward.
However, the choice was altered to enable this transaction to succeed, and Voyager's VGX token also experienced a notable increase as a result of the news. VGX is currently trading at $0.377, up 6% in the last 24 hours.