FTX, Binance and CrossTower are competing to buy Voyager Digital assets: source

Cryptocurrency exchange FTX, Binance and CrossTower are vying to acquire the assets of troubled crypto lender Voyager Digital Assets from bankruptcy, according to insiders.

According to details published by former investment banker and angel investor Simon Dixon, the three exchanges are competing in the bid to acquire Voyager Digital, each offering its own terms and conditions for the purchase. The details, posted to Reddit, indicated that FTX and Binance each provided approximately $50 million in cash for Voyager’s assets, although Binance’s dollar amount was higher. The amount of cash will go toward “deficiencies and other claims,” ​​the source said.

Under these plans, current Voyager customers will receive a pro rata share of crypto assets and fully migrate to the FTX and Binance platforms.

Cross Tower, on the other hand, proposed to keep the existing Voyager platform and app, meaning existing customers would not need to migrate to a new platform once the deal is complete. Under this scheme, customers receive a pro rata share of their assets. Cross Tower’s acquisition plan will see the exchange share revenue with Voyager customers over several years.

Sources who spoke to Dixon also recently warned that regulation could play a significant role in who wins the auction, as did the UK’s Financial Conduct Authority, or FCA, about FTX operating without a license. Meanwhile, the Committee on Foreign Investment in the United States may be concerned about allowing Binance to acquire Voyager due to national security risks.

Related: Voyager digital assets auction set for September 13 after being postponed from August

Voyager Digital filed for Chapter 11 bankruptcy in July, joining a growing list of centralized financial firms during the bear market. At the time, Voyager said the Chapter 11 filing was part of a restructuring plan that would eventually pave the way for customers to access their accounts.