The early opt-in period started last week, meaning that Voyager customers can begin sharing data to help Binance US create new or link existing accounts ahead of settling claims

Bankrupt crypto broker Voyager Digital has put forward a plan for customers to retrieve their assets via Binance US, as per court filings.

The early opt-in period began the previous week, meaning that Voyager customers can start sharing data to assist Binance US create new or link existing accounts before settling claims. Voyager and Binance US stated in the filing that they expect the deal to close and payments to start in March.

However Binance US warned that customers in Hawaii, New York, Texas, and Vermont may have to wait up to six months because it cannot create accounts for users in states where it is not permitted to operate.

To the extent Binance US does not get the necessary licensing and/or authorization to operate in the unsupported states within 6 months from the closing of the asset purchase agreement, Voyager will turn the distributions allocable to such customers to cash and will disperse them separately, Kirkland & Ellis partner Joshua Sussberg stated in the court filing.

The rest of Voyager’s U.S.-based customers will be required to provide personal information, such as their email address, social security number, and date of birth, so a Binance US account can be created on their behalf. A claims portal set up by Voyager also shows users the value of their assets when the company filed for bankruptcy, July 5, 2022.

That does not mean customers are getting back 100 per cent of what they are owed, though.

Your real recovery sum will be a percentage of your claim amount, as determined by the company’s rebalancing, according to a screenshot in the court filing.

Last month, Voyager’s Official Committee of Unsecured Creditors elaborated on Twitter, saying that actual returns will be based on market prices.

Voyager has a relatively high percentage of altcoins that have not performed well in the market compared to BTC/ETH and stablecoins, the creditor committee stated on Twitter. These crypto movements are the primary causes of any changes to recovery value.

For example, the committee stated that customers would have seen a 51 per cent recovery of their assets based on market prices on December 18, 2022. But later stated that that percentage was for explanatory purposes and actual payouts will depend on the market the day the deal closes.

A few months back, Voyager customers thought they would be going through a similar payout process with FTX US. But after Sam Bankman-Fried’s crypto empire filed for Chapter 11 bankruptcy protection in November, Voyager restarted the bidding process on its distressed assets.

We were shocked, disgruntled, dismayed, Joshua Sussberg said during a Voyager bankruptcy hearing in November, as per a Bloomberg report. There will be no transaction with FTX, I think that is quite obvious.