Crypto exchange Gemini has initiated the process of withdrawals for victims in the Voyager bankruptcy case. This announcement is expected to offer some relief to interested parties who have been anticipating the reopening of withdrawals.
Voyager Digital Enables Asset Withdrawals A Year Post-Bankruptcy
On June 25, 2023, Gemini announced the commencement of withdrawals for victims in the Voyager bankruptcy case. These customers will be allowed to create an account on the platform to withdraw their crypto in-kind until July 23, 2023.
Related Reading: Gemini Goes Global: Expands Singapore Hub To Drive Crypto Adoption Beyond US Shores
Voyager Digital, a prominent crypto broker, declared bankruptcy in July 2022, blaming market volatility and the shock collapse of Three Arrows Capital. The brokerage firm has since been on a journey to recover the funds of its creditors since then.
In May 2023, Voyager’s bankruptcy plan was approved by the US Bankruptcy Court for the Southern District of New York, according to court documents. This proposal would allow the firm to liquidate its assets and distribute them to its clients.
Furthermore, Voyager elaborated on this plan on its website, stating that customers could expect to receive their initial recoveries in either crypto or cash following the 30-day crypto withdrawal period.
This crypto withdrawal period has now begun through Gemini and is expected to close on July 23, 2023. In its announcement, the US-based exchange noted that it is a “full-reserve exchange and custodian” and all client funds on the platform are held 1:1 and available for withdrawal at any time.
Gemini further clarified that any crypto assets on Voyager that are not supported on its platform should not be sent to it. Customers were advised to carefully confirm that only supported tokens are sent to the exchange.
Gemini Continues To Expand Crypto Services In Europe
In the face of its regulatory woes in the United States, Gemini continues to actively broaden its services across the world. On June 23, 2023, the exchange became the first provider of a staking product (Gemini Staking Pro) in the United Kingdom.
Gemini Staking Pro, which is currently live in more than 30 countries (including the United States) allows institutions and high-profile individuals to become Ethereum network validators by locking up at least 32 ETH – worth over $60,000 as of this writing. It is worth noting that the UK is the only country where the exchange operates institutional staking exclusively.
Although Gemini’s staking services are not regulated by the UK Financial Conduct Authority, the exchange mentioned that it will protect customers’ interests and ensure that all users’ concerns are adequately resolved.
For instance, the platform will reimburse validators for network-imposed penalties, accidental loss of tokens, or other costly “small mistakes” related to staking.