Binance.US agreed to acquire the bankrupt lending firm Voyager for $1.022 billion.

The company announced the bid in a press release on Dec. 19. The purchase value is set at $1.022 billion with an incremental consideration of $20 million because the Toronto-based lending firm previously had a similar market value. 

According to Binance, its primary goal is to “return users their cryptocurrencies on the fastest timeline possible.”

In a separate statement, revealed that Binance US acquired its firm so that it can seamlessly return the crypto to customers. The process will be carried out in line with existing court guidelines and platform capabilities.

In July, Voyager Digital Ltd. filed for chapter 11 bankruptcy.

The hearing between Voyager Digital LLC and Binance US is set for January 5, 2023. The bankrupt firm is seeking express court approval to enter an official agreement with Binance US. Customers of the bankrupt lending firm have been told to be on the lookout for emails regarding its next step. 

Binance US is a subsidiary of the Binance exchange launched especially for US users. The centralized exchange is structured and licensed to operate within the confines of existing regulations in the US.