With that out of the way, here’s how Binance.US and Coinbase are similar. Coinbase Pro doesn’t accept credit card or debit card purchases. This distinction is important because Coinbase Pro offers much greater functionality and substantially lower fees, even if slightly less intuitive. The name “Coinbase” is often used as a catch-all for all of the offerings of Coinbase (the company): Coinbase (the platform), a beginner-friendly crypto app, and Coinbase Pro, a full-fledged crypto exchange. While the two crypto exchanges are quite similar, Binance.US has slightly more limited functionality and coin offerings.Ĭoinbase, likewise, is not quite as straightforward as it seems. residents must use Binance.US, its spin-off platform compliant with U.S. Coinbase, there are several important things to keep in mind.īinance is not available for customers based in the U.S. Coinbase: Top Similaritiesīefore getting too far into breaking Binance.US vs. But now that FTX itself has filed for bankruptcy, which includes West Realm Shires, the FTX company that won the auction, it can no longer complete the deal.On 's Website Binance.US vs. In September, after turning down what it called a “ low-ball bid” from FTX, Voyager Digital accepted a $1.4 billion bid from the company to acquire its distressed assets. In June, the crypto asset manager revealed that it had a $661 million exposure to now-defunct hedge fund Three Arrows Capital, which itself filed for bankruptcy on July 2. Voyager Digital filed for bankruptcy in July, with more than 100,000 creditors to whom it owes between $1 and $10 billion. “There will be no transaction with FTX, I think that is quite obvious.” “We were shocked, disgruntled, dismayed,” Joshua Sussberg said during a Voyager bankruptcy hearing in November, according to a Bloomberg report. But after Sam Bankman-Fried’s sprawling crypto empire filed for Chapter 11 bankruptcy protection in November, Voyager reopened the bidding process on its distressed assets. But later clarified that that percentage was “ for illustrative purposes” and actual payouts will depend on the market the day the deal closes.Ī few months ago, Voyager customers thought they’d be going through a similar payout process with FTX US. “These crypto movements are the primary driver of any changes to recovery value.”įor example, the committee wrote that customers would have seen a 51% recovery of their assets using market prices on December 18, 2022. “Voyager has a relatively high percentage of altcoins, which have underperformed in the market relative to BTC/ETH and stablecoins,” the creditor committee wrote on Twitter. Last month, Voyager’s Official Committee of Unsecured Creditors elaborated on Twitter, saying that actual recovery will depend on market prices. “Your actual recovery amount will be a percentage of your claim amount, as determined by Voyager’s rebalancing,” a screenshot in the court filing reads. That doesn’t mean customers are getting back 100% of what they’re owed, though. A claims portal set up by Voyager also shows users the value of their assets the company filed for bankruptcy, July 5, 2022. The rest of Voyager’s U.S.-based customers will need to provide personal details, like their email address, social security number, and date of birth, so a Binance US account can be created on their behalf. “To the extent Binance US does not receive the required licensing and/or authorization to operate in the unsupported states within 6 months from the closing of the asset purchase agreement, Voyager will convert the distributions allocable to such customers to cash and will distribute them separately,” Kirkland & Ellis partner Joshua Sussberg wrote in the court filing. $0.04591923 -0.84% Terra Classic (Wormhole)īut Binance US warned that customers in Hawaii, New York, Texas, and Vermont may have to wait up to six months longer because it can’t create accounts for users in states where it’s not allowed to operate.
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