Voyager plans to reopen withdrawals next week

key takeaways

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

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Voyager got court approval to start giving clients access to withdrawals.

Voyager will reopen withdrawals

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 July 5 and entered court proceedings shortly after that date.

Now, Voyager says the court has approved its proposal to restore customer access to funds. Those funds are held in an account for the benefit of (FBO) at the Metropolitan Commercial Bank of New York, as detailed in a previous 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 for cash withdrawals only beginning August 11.

Platform users 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 stock. Users have until October 3 to file a claim against the company if they see discrepancies between the statement and their account.

Voyager says clients will receive funds in 5-10 business days and that it aims to process requests “as quickly as possible.” It notes that applications should be subject to manual review, which includes fraud reviews and account reconciliation. The precise timing will also depend on users’ banks.

Voyager also confirmed that she is involved in plans that will lead her to reorganize her company. Today, she said that she is “pursuing an independent restructuring process and a possible sale of the company.”

He noted that the court has approved the bidding procedures for the sale of the company. He said offers must be submitted by August 26 and a sale hearing will be held on September 8.

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

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