- Voyager said it had obtained court approval to allow it to reopen withdrawals from customers.
- The company said it plans to reopen withdrawals on Aug. 11 with a daily limit of $100,000.
- Voyager initially suspended withdrawals and other account activity on July 1 before filing for bankruptcy on July 5.
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Voyager has received court approval to begin offering withdrawals to customers.
Voyager reopens withdrawals
Voyager Digital plans to let customers withdraw funds.
The company initially suspended withdrawals and other trading activities on July 1. It then filed for bankruptcy on July 5 and entered court proceedings shortly after that date.
Now, Voyager Say The court has approved its proposal to restore client access to funds. The funds were held in a benefit (FBO) account at Metropolitan Bank of Commerce in New York, as detailed in an earlier announcement.
“We know how important it is to access your cash, and upon approval, we will begin processing cash withdrawals shortly,” the company wrote in its blog post today.
Voyager expects to allow access to the Voyager app for cash withdrawals starting August 11.
Users of the platform will be able to withdraw up to $100,000 per day through ACH requests.
Customers will receive an email detailing their assets. If a user discovers a discrepancy between the claims and their account, the user has until October 3 to file a claim with the company.
Customers will receive funds within five to 10 business days, Voyager said, with the goal of processing requests “as quickly as possible.” It noted that requests must undergo manual review, which includes fraud checks and account reconciliations. The exact time will also depend on the user’s bank.
Voyager also confirmed that it is working on plans to restructure the company. Today, it said it was “pursuing a separate restructuring process and a potential sale of the company”.
It noted that the court had approved the bidding process for the sale of the company. The company said the deadline for bids is Aug. 26, and a sales hearing will be held Sept. 8.
Disclosure: At the time of writing, the author of this article owns BTC, ETH, and other cryptocurrencies.