Home Cryptocurrency Voyager can sell assets to Binance.US, judge rules

Voyager can sell assets to Binance.US, judge rules

0 comment

A New York bankruptcy judge has ruled that Voyager Digital is allowed to sell its assets to Binance US, according to a Bloomberg report. March 7.

Binance.US can buy $1 billion in assets

Judge Michael Wiles ruled that the two companies involved in the proposal could attempt to close the deal and transfer the related crypto assets.

Voyager must decide whether to continue trading after evaluating Binance.US’ level of commitment and regulatory compliance. If the transaction is successful, the proceeds will be distributed to Voyager’s previous customers. With this arrangement, customers will receive approximately 73% of the outstanding amount due to changes in the market price of the cryptocurrency.

The deal is estimated to be worth over $1 billion, Reuters Binance has so far suggested that it has agreed to pay $20 million in cash.

Voyager reported on March 1 that 97% of its customers voted in favor of the plan.

Voyager stopped withdrawals and filed for bankruptcy in mid-2022. It was one of many companies that went bankrupt following the collapse of then-cryptocurrency lending firm Celsius.

Judge Shows Hostility to SEC

The U.S. Securities and Exchange Commission (SEC) has objected to the transaction and believes it will undermine its ability to regulate the cryptocurrency industry.

Judge Wiles has expressed hostility to regulators because of the time-consuming nature of the complaint.

“The whole case cannot be placed in a deep freeze of uncertainty while regulators decide whether they think the deal and plans are at fault.”

The SEC believes Voyager’s recovery tokens should be regulated as security and Binance.US is not suitable for completing purchases. That complaint dates back to January.

Critics of the SEC’s harsh regulatory policies may view the judge’s candid statements as a breath of fresh air. But the ruling doesn’t necessarily mean a broader path to other victories against the SEC, as regulators didn’t file lawsuits first.

Additionally, the SEC may attempt to appeal the judge’s decision.

index (2)

About Us

Coingeography is a principal independent digital media resource with a coverage of comprehensive news on Crypto assets, NFT, Metaverse and the surging Web 3 space. We here deliver the most authentic and precise news from the arena of the Web 3 space and crypto assets. 

Feature Posts

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

Copyright ©️ All rights reserved. | CoinGeography – Powered by Corum8