Binance, the world’s largest cryptocurrency exchange led by CEO Changpeng “CZ” Zhao, announced its US arm, Binance.US, will acquire assets of bankrupt crypto lender Voyager Digital for $1.022bn.

After a review of strategic options, Voyager said Binance.US represented the “highest and best bid for its assets.”

The bid represents the fair market value of Voyager’s cryptocurrency portfolio, which has a current market value of about $1.002bn, and an additional consideration of $20mn in incremental value.

The deal is set to close by April 18, 2023. Binance has agreed to make a $10 million deposit in good faith and will reimburse Voyager Digital for certain expenses up to a maximum of $15 million. A hearing will be held by the presiding bankruptcy court to approve the purchase agreement on January 5, 2023.

The Binance.US bid “sets a clear path forward for Voyager customer funds to be unlocked as soon as possible,” noted the company, and “aims to return crypto to customers in kind, in accordance with court-approved disbursements and platform capabilities.”

Voyager’s wheels began to fall off when Three Arrows Capital defaulted on a loan of 15,250 BTC and $350 million USDC. Its claims relating to Three Arrows will remain as part of the bankrupt estate.

In September, FTX won the auction for Voyager’s assets, but that agreement fell apart when Sam Bankman-Fried’s company later collapsed.