Binance.US has reached a deal with Voyager Digital to buy the assets of the insolvent crypto lender for $1.02 billion, beating out competitors like CrossTower, Wave Financial, and INX.

The proposal from the U.S. division of the largest cryptocurrency exchange "sets a clear path forward for Voyager customers' funds to be unlocked as soon as possible, and returned to them in the form of the cryptocurrencies previously held in their Voyager accounts," according to an official post from Binance.US.

Brian Shroder, Chief Executive Officer and President of Binance.US said, “Our bid is a reflection of our guiding principle that customers should come first.” 

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He added, “Our goal is simple: return users their cryptocurrencies on the fastest timeline possible. We hope our selection brings to an end a painful bankruptcy process that saw customers unfairly dragged into it at no fault of their own. Upon close of the deal, users will be able to seamlessly access their digital assets on the Binance.US platform where they will continue to receive future disbursements from the Voyager estate.”

Binance.US will deposit $10 million in good faith and also pay Voyager a maximum of $15 million in reimbursement for certain costs.

The announcement comes at a time when the cryptocurrency industry is experiencing historically high financial turbulence, and centralized exchanges are coming under more scrutiny.

"Binance.US is well capitalized: our assets exceed our liabilities. All of our customers could withdraw their assets tomorrow, which is their right & we would still have hundreds of millions of current assets,” Shroder said on Twitter.

Due to its approximately $650 million exposure to the defunct cryptocurrency hedge fund Three Arrows Capital, Voyager filed for Chapter 11 bankruptcy protection in July.

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