Market Analysis

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.

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Stop Lying to Customers, Fed and FDIC Order Voyager


The two institutions called Voyager’s deposit insurance claims “false and misleading.” Voyager Ordered to Stop Misleading Customers Voyager Digital allegedly lied to its customers that the government was insuring its…

Voyager Says FTX’s Buyout Offer Was Misleading “Low-Ball Bid,” S…

Commenting on Voyager’s response to the proposal, FTX founder and CEO Sam-Bankman Fried said that only the bankruptcy lawyers would benefit from dragging out the proceedings, while the customers would…

Voyager Seeks to Reopen Withdrawals as FTX Proposes Joint Plan


Voyager and FTX have put forward complementary plans that could help users regain access to their account balances. Voyager Inches Toward Withdrawals Voyager suspended withdrawals on July 1, leaving customers…

Click here for the the original source (post)