In a major relief for the customers impacted by the Voyager bankruptcy, crypto exchange Gemini has announced the enabling of withdrawals. The crypto transfer window will end on July 23, 2023.
In a recent blog post, Gemini confirmed allowing withdrawals for victims of the Voyager bankruptcy case while simultaneously offering a promotional welcome to all Voyager customers who join the crypto exchange.
The exchange plans to offer $5 in BTC to new US customers from the bankrupt crypto lender after they sign up and become verified within 30 days of opening their account.
Voyager customers can create an account on Gemini to receive their cryptocurrencies. Customers holding tokens that are not supported by Gemini cannot be sent to the exchange, it said in a statement. Gemini urged them to carefully confirm sending only supported tokens to the platform, as any unsupported tokens sent to the Gemini account may be lost and completely unrecoverable.
Similarly, sending tokens to Gemini over an unsupported network will also result in a complete loss of fundsFurthermore, if users fail to withdraw their tokens from the Voyager platform during the stipulated withdrawal period, the funds will be liquidated and distributed in cash to them.
“Through July 23, 2023, Voyager customers impacted by the Voyager bankruptcy can create a Gemini account to withdraw their crypto in-kind, pursuant to the claims distribution process.”
The development comes a few weeks after the bankrupt crypto broker was reported to be gearing up to reopen its app to enable the withdrawal of customer funds. The approved bankruptcy plan states that Voyager customers will initially receive 35.72% of what they are owed.
Voyager had previously failed to negotiate two deals after sliding to bankruptcy nearly a year ago. The first of these was with FTX US, but the $1.4 billion deal fell through after FTX itself filed for bankruptcy. Subsequently, a $1 billion deal with the US arm of crypto giant Binance fell through after the latter backed out, citing a “hostile and uncertain regulatory climate” in the country.
Gemini, too, faced significant challenges on the regulatory front, which forced it to expand its operations abroad.
Last week, the Winklevoss twins-led platform launched its in-house Ethereum staking program in the United Kingdom to enable institutions and high-net-worth individuals to run validators on the Ethereum blockchain. Gemini is also planning toincrease its Singapore offices to over 100 employees.
It also started the process of securing a crypto license to serve customers based in the United Arab Emirates (UAE) amidst regulatory headwinds back home.
