key takeaways
- Voyager says it has received court approval that will allow it to reopen clearance for customers.
- The company says it plans to reopen withdrawals on August 11, with a limit of $100,000 per day.
- Voyager initially suspended withdrawals and other account activities on July 1 before filing for bankruptcy on July 5.
Share this article
Voyager has received court approval to begin providing customers with access to withdrawals.
Voyager evacuation to reopen
Voyager Digital plans to allow customers to withdraw their funds.
The company initially suspended withdrawals and other trading activities on July 1. It then filed for bankruptcy on 5 July and entered court proceedings shortly after that date.
Now, Voyager says the court has approved its proposal to restore access to the funds to customers. Those funds are held for benefit (FBO) accounts at Metropolitan Commercial Bank in New York, as described in an earlier announcement.
“We know how important it is to have access to your cash, and with this approval, we will soon begin the cash withdrawal process,” the company wrote in its blog post today.
Voyager will start allowing access to the Voyager app from August 11 only for cash withdrawals.
Users of the platform will be able to request withdrawals of up to $100,000 in US dollars via ACH per day.
Customers will receive an email detailing their holdings. If users notice a discrepancy between the statement and their account, they have until October 3 to file a claim against the company.
Voyager says customers will receive funds in 5 to 10 business days and aims to process requests “as quickly as possible.” It notes that requests must be manually reviewed, including fraudulent reviews and account resolution. The exact timing will also depend on the users’ banks.
Voyager also confirmed that it is engaged in plans that will see it reorganize its company. Today, it said it is pursuing “a standalone restructuring process and a potential sale of the company.”
It was noted that the court has approved the bidding process for the sale of the company. It added that the bids are due by August 26 and the sale hearing will take place on September 8.
Disclosure: At the time of writing, the author of this article owns BTC, ETH and other cryptocurrencies.