Soon begin processing cash withdrawals, says Voyager
Voyager Digital confirmed that it is planning to allow the customers to withdraw their funds within a particular limit per day.
Voyager Digital is a crypto trading platform, which was also providing loans and staking services, which were a type of reward for holding certain digital coins. After the collapse of the Terra blockchain ecosystem in May, many other weak business model-based crypto projects faced negative impacts, including Voyager Digital. On 1 July, Voyager suspended funds withdrawal from its platform and later on 5 July filed for bankruptcy.
On 5 August, Through a new blog post, Voyager Digital confirmed that it received regulatory approval from the court to allow the customers to collect their cash from the platform. So basically, Voyager confirmed that it will start cash withdrawal features for its customers.
“We know how important it is to access your cash, and with this approval, we will soon begin processing cash withdrawals,” the company said.
Under this plan, the company will give $270 million to its customers, which were held for the benefit of (FBO) account at the Metropolitan Commercial Bank in New York.
This process of withdrawal of funds may start on 11 August and it will take around a week or more to get withdrawal funds successfully. The time between fund withdrawal requests and completion of withdrawals is long because Voyager will check the withdrawal requests manually. In particular, Voyager will check fraud reviews and account reconciliation. The precise timing of funds withdrawal will also depend on users’ banks, which may be a maximum of 10 days.
Every user will be able to request a withdrawal of $100k per day only. Customers will get all details of their fund holdings on the platform and also users can report the mistakes like discrepancies between the statement and their account till 3 October.
Besides these things, Company currently has regulatory approval from the court to put the company on bid sale. The bids are due by August 26 and a sale hearing will be held on September 8.
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