Voyager To Allow In-App Cash Withdrawals Starting Aug 11
- Voyager Digital, a troubled crypto service provider, has confirmed that it will allow in-app cash withdrawals starting August 11, after halting it earlier.
- The firm had been granted approval from the court wherein it filed for protection under Chapter 11 Bankruptcy.
It seems that the customers of Voyager Digital can finally take a sigh of relief as they will now be allowed to withdraw the funds that have been locked in the application of the platform since it stopped all trading activities, withdrawals, and deposits on July 1 due to market volatility.
The firm also stated in a press statement at that time that it was “exploring strategic alternatives with various interested parties.”
As per the recent turn of events, Voyager has confirmed that it will once again start customer funds’ withdrawals on August 11.
“Yesterday, the Court approved our proposal to restore access to cash (US dollars) held at Metropolitan Commercial Bank for benefit of Voyager customers. We anticipate resuming access to in-app cash withdrawals starting on Thursday, Aug 11,”
said the firm in a Twitter post.
The crypto firm said that it those who have cash in their applications will get an email with more details before cash access in the app becomes available. However, in another Twitter post, the firm confirmed that those who submit their request to get their money back, will have to wait for 5-10 business days before they see their requests getting fulfilled.
This is because the firm will be conducting “some manual review, including fraud reviews and account reconciliation.” Additionally, the amount for withdrawal has been capped at $100,000 within a 24-hour period, said the firm.
Voyager confirmed that it is “simultaneously pursuing a standalone restructuring process and a potential sale of the company” adding that the reinstating of cash withdrawals is the first step in returning value to the customers of platform.
Meanwhile, the firm recently obtained approval to return $270 million in user cash, as noted by BitcoinWisdom in a previous report. United States Bankruptcy Court of New York’s Judge Michael Wiles, who is responsible for Voyager’s bankruptcy filing as well, allowed the firm to facilitate cash withdrawals as it presented “sufficient basis” to support its argument that its customers should be allowed access to the custodial account held at New York-based Metropolitan Commercial Bank.
Metropolitan Commercial Bank also came out in support of Voyager’s decision adding that the customers should be returned their funds.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
