After several months of uncertainty, a US court approved the $1 billion acquisition agreement between Binance.US and Voyager Digital. The agreement was hotly contested by multiple regulators, with the SEC leading the charge with a series of objections filed since January.

Binance.US Gets the Nod to Acquire Voyager Digital

On Tuesday, March 7th, Binance.US received court approval to move forward with its $1 billion acquisition of Voyager Digital’s assets. The decision is somewhat expected as the court already signaled its support for the agreement and warned regulators it would not allow them to fine the bankrupt company’s restructuring advisors.

This, however, does not mark the end of the legal battle. The acquisition is facing opposition from the SEC and from New York state regulators. The Securities and Exchange Commission found multiple flaws in the agreement and expressed its concern that the bankruptcy protections could enable Voyager to violate securities laws with its restructuring efforts.

The New York Attorney General, and the New York State Department of Financial Services (NYDFS) are primarily opposed due to the fact that neither Voyager nor Binance.US is registered to offer their services in the state. They also allege that the agreement would be to the detriment of New York residents as they would not be able to reclaim their assets for multiple months thanks to the lack of approval. More recently, the FTC joined the fray as it announced it is investigating Voyager over misleading marketing.

Despite the battles to come, investors quickly reacted to the news. Voyager’s VGX token spiked about 30% quickly after the court decision and rose to around $0.50 by the time of writing.

Voyager’s Rocky Restructuring Efforts

Voyager Digital’s attempts to restructure since its bankruptcy filing last summer proved troublesome as the company faced a number of false breakthroughs followed by major setbacks. Its luck appeared to have changed in August when the revelation that multiple companies were seeking to acquire its assets caused VGX to rise sharply.

Soon after, it was revealed that Binance and FTX are the highest bidders for Voyager’s assets before it was finally announced that Sam Bankman-Fried’s firm will be acquiring the bankrupt company’s assets in a $1.3 billion deal. The plan, however, fell through in November after FTX itself found itself bankrupt.

Voyager’s fortune turned once again in late 2022 when an agreement with Binance’s US branch worth over $1 billion was unveiled. The development was, however, soon faced with another setback after the Securities and Exchange Commission filed the first of its objections to the acquisition.

This article originally appeared on The Tokenist

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