Market Analysis

Voyager Plans to Reopen Withdrawals Next Week

voyager-plans-to-reopen-withdrawals-next-week

Voyager Digital says that it has gained court approval that will allow customers to withdraw funds from FBO accounts at the Metropolitan Commercial Bank.

Shutterstock photo by T. Schneider

Key Takeaways

  • Voyager says it has received court approval that will allow it to reopen withdrawals to customers.
  • The company says that 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.

Voyager has gained court approval to begin providing customers with access to withdrawals.

Voyager to Reopen Withdrawals

Voyager Digital is planning to let customers withdraw their funds.

The company initially suspended withdrawals and other trading activity on July 1. It then filed for bankruptcy on July 5 and entered court proceedings shortly after that date.

Now, Voyager says that the court has approved its proposal to restore customer access to funds. Those funds are held in a for benefit of (FBO) account at the Metropolitan Commercial Bank in New York, as detailed in an earlier announcement.

“We know how important it is to access your cash, and with this approval, we will soon begin processing cash withdrawals,” the company wrote in its blog post today.

Voyager expects to begin allowing access to the Voyager app solely for cash withdrawals beginning on August 11.

Users of the platform will be able to request withdrawals of up to $100,000 in U.S. dollars via ACH per day.

Customers will receive an email detailing their holdings. Users have until October 3 to file a claim against the company if they see discrepancies between the statement and their account.

Voyager says that customers will receive funds in 5 to 10 business days and that it aims to process requests “as quickly as possible.” It notes that requests must be subjected to manual review, which includes fraud reviews and account reconciliation. Precise timing will also depend on 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 noted that the court has approved bidding procedures for the sale of the company. It said that bids are due by August 26 and that a sale hearing will be held on September 8.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.

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