Crypto exchanges FTX and Binance are leading the auction for embattled crypto-lender Voyager, the Wall Street Journal reports. Sources said Binance leads slightly over FTX, with a bid of $50 million. The auction winner is set for an announcement at a Sept. 29 hearing.
The auction for Voyager began last week in the law offices of Kirkland & Ellis. Binance bid for the platform’s assets is approximately $50 million that’s a slightly higher bid than FTX, according to the WSJ.
Lawyers in the bankruptcy process have yet to disclosed only that the bidding process remains ongoing. Bidders may submit a variety of proposals, from a simple purchase of Voyager’s assets to an attempted restructuring and reviving of the firm.
Voyager has not disclosed its proposal requirements, though it did criticize when FTX publicized its plan to provide early liquidity to customers, saying the exchange failed to respect the confidentiality stipulations of the bidding process. At the time, counsel said it a low-ball bid and sought to deny that FTX was a frontrunner for the platform.
Meantime, sources said that Binance is facing some opposition over its bid due to concerns that the U.S. government might take issue with its attempt to purchase the platform.
The auction winner is set for an announcement at a Sept. 29 hearing.
Voyager entered Chapter 11 bankruptcy proceedings in July after halting activity on its platform. As of August 4, Voyager’s counsel said 22 parties were in meaningful discussions to place bids for its assets and that multiple offers had been received.
The original deadline for bids had been extended from August 26 to September 6, after interested parties requested more time.