The US assets of Voyageur Digital were originally sold to FTX in bankruptcy but that deal fell apart along with FTX. In a second sale, Binance picked up the assets for $1.022 billion, which the company said was the best bid.
The assets, where are almost entirely crypto, were initially sold to FTX for $1.4 billion.
"Binance.US will make a $10 million good faith deposit and will reimburse Voyager for certain expenses up to a maximum of $15 million. Should the deal not close by April 18, 2023 subject to a one-month extension, the agreement allows Voyager to immediately move to return value to customers," the announcement says.
As for the crypto market, there's downside risk here. Binance will need to cash settle the sale, which it certainly could do with reserves. The risk is that they liquidate some of it or all of it to pay off the claim, putting downward pressure on crypto.
Bitcoin and ethereum are down about 1% today.
