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Voyager plans to resume cash withdrawals on August 11th

Published on

August 6, 2022
Read Time:1 Minute, 50 Second

Crypto lender Voyager Digital Holdings has reported that customers could possibly withdraw money from the app greater than a month after buying and selling, deposits, withdrawals and loyalty rewards had been suspended.

In a weblog publish on Friday, Voyager said As of August 11, clients with US {dollars} of their accounts have been in a position to withdraw as much as US$100,000 inside 24 hours, with funds acquired in 5-10 enterprise days. The announcement adopted Thursday's decide's ruling that cleared the crypto lending firm to return $270 million in buyer funds held on the Metropolitan Industrial Financial institution in New York.

"Requests are processed as shortly as attainable, however require some guide verification, together with fraud checks and account reconciliation, and the timing relies upon partially on the person banks that clients are sending their cash to," Voyager mentioned.

Yesterday, the courtroom accepted our proposal to revive entry to Metropolitan Industrial Financial institution money (US {dollars}) for the good thing about Voyager clients.

We count on to have the ability to resume entry to in-app money withdrawals on Thursday, August eleventh. Particulars: https://t.co/yqsKdJhiXQ (1/7)

— Voyager (@investvoyager) August 5, 2022

Voyager introduced in June that it had entered right into a $500 million mortgage settlement with buying and selling agency Alameda Analysis following losses on its stake in Three Arrows Capital, which was additionally reportedly liquidated by a British Virgin Islands courtroom. The crypto lending firm filed for chapter in New York's Southern District Courtroom on July 5, saying on the time the transfer was a part of a restructuring plan that will finally permit customers to regain entry to their accounts.

Associated: Voyager can not assure that every one clients will obtain their cryptos beneath the proposed restoration plan

Although Voyager beforehand rejected a takeover bid by Alameda and FTX in July -- on the grounds that it was not "value-maximizing" for its clients -- the corporate mentioned on Friday it was nonetheless contemplating a attainable sale of the corporate. Following courtroom approval of the bid course of, Voyager mentioned the bids shall be due by August 26, with a listening to on the potential sale anticipated on September 8.



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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : August 6, 2022
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