Cryptocurrency exchanges FTX, Binance and CrossTower are competing to accumulate beleaguered crypto lender Voyager Digital’s property out of chapter, based on insider sources. 

In response to particulars printed by former funding banker and angel investor Simon Dixon, the three exchanges are competing in an public sale to accumulate Voyager Digital, and have every proposed their very own phrases and circumstances for the acquisition. The small print, which have been additionally posted to Reddit, steered that FTX and Binance have every proposed roughly $50 million in money for Voyager’s property, although Binance’s greenback quantity is greater. The money quantity would go towards “deficiency and different claims,” the supply stated.

Underneath these plans, present Voyager prospects would obtain their professional rata share of crypto property and absolutely transition to the FTX and Binance platforms.

However, CrossTower has proposed protecting the present Voyager platform and app, which suggests present prospects don’t must transition to a brand new platform as soon as the deal is finalized. Underneath this plan, prospects would additionally obtain their professional rata shares of property. CrossTower’s acquisition plan would additionally see the exchange share its income with Voyager prospects for a number of years.

The sources that spoke with Dixon additionally revealed that regulation may play a big function in who wins the public sale as the UK’s Monetary Conduct Authority, or FCA, not too long ago warned FTX about working with out authorization. In the meantime, in the USA, the Committee on Overseas Funding could also be involved about permitting Binance to accumulate Voyager as a consequence of nationwide safety dangers. 

Associated: Voyager Digital property public sale set for Sept. 13 after being rescheduled from August

Voyager Digital filed for Chapter 11 chapter in July, becoming a member of a rising listing of centralized finance corporations to implode through the bear market. On the time, Voyager defined that the Chapter 11 submitting was a part of a reorganization plan that might finally pave the way in which for purchasers to have the ability to reaccess their accounts.