The US Bankruptcy Court for the Southern District of New York yesterday approved the bankruptcy plan of cryptocurrency broker Voyager, Reuters has reported.
Judge Michael Wiles' order approving the proceeding was reportedly issued by the court a day earlier.
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The bankruptcy plan was proposed last May 5 after Binance.US, the US division of crypto exchange Binance, backed out of plans on April 25 to buy $1 billion worth of Voyager assets.
That deal had overcome resistance from the US government before Binance.US backed out at the last minute. As a result, Voyager will be liquidated, which means it will distribute its assets to its creditors.
Voyager has reported customers could now expect to receive 35.72% of their claims initially, either in cryptos via the Voyager app or in cash after 30 days.