Cryptocurrency exchanges FTX, Binance and CrossTower are competing to acquire beleaguered crypto lender Voyager Digital’s assets out of bankruptcy, according to insider sources. 

According to details published by former investment banker and angel investor Simon Dixon, the three exchanges are competing in an auction to acquire Voyager Digital, and have each proposed their own terms and conditions for the acquisition. The details, which were also posted to Reddit, suggested that FTX and Binance have each proposed roughly $50 million in cash for Voyager’s assets, though Binance’s dollar amount is higher. The cash amount would go toward “deficiency and other claims,” the source said.

Under these plans, current Voyager customers would receive their pro rata share of crypto assets and fully transition to the FTX and Binance platforms.

On the other hand, CrossTower has proposed keeping the existing Voyager platform and app, which means existing customers do not need to transition to a new platform once the deal is finalized. Under this plan, customers would also receive their pro rata shares of assets. CrossTower's acquisition plan would also see the exchange share its revenue with Voyager customers for several years.

The sources that spoke with Dixon also revealed that regulation could play a significant role in who wins the auction as the United Kingdom’s Financial Conduct Authority, or FCA, recently warned FTX about operating without authorization. Meanwhile, in the United States, the Committee on Foreign Investment may be concerned about allowing Binance to acquire Voyager due to national security risks. 

Voyager Digital filed for Chapter 11 bankruptcy in July, joining a growing list of centralized finance firms to implode during the bear market. At the time, Voyager explained that the Chapter 11 filing was part of a reorganization plan that would eventually pave the way for clients to be able to reaccess their accounts.