CZ Shares Shocking News: Binance May Withdraw Voyager Acquisition Deal
Key Points:
- Binance CEO Changpeng Zhao is considering exiting the acquisition of lending platform Voyager Digital.
- Binance remains committed to backing the deal and returning Voyager users’ funds as soon as possible.
- The correct action of CZ shows that they are tired of the intense legal pressures of the US government in recent times.
Facing regulatory authorities constantly putting pressure on the largest exchange in the market, CEO Binance Changpeng Zhao (CZ) wonders whether they should withdraw from the more than 1 billion dollar deal to save money and acquire bankrupt crypto company Voyager Digital.
On the evening of March 3, CEO CZ updated his Twitter account on whether to abandon the acquisition with crypto company Voyager.
However, in the following tweet, the Binance boss still pledged to support the deal and return the money to Voyager users as soon as possible if allowed to do so.
Since Binance.US reached an agreement to acquire Voyager for $1 billion in December 2022, various US regulators have expressed opposition. Last month, the US Securities and Exchange Commission (SEC) and the New York state government both said that the US branch of the Binance exchange did not have enough financial resources to carry out the acquisition. Soon after, the SEC signaled again that Binnace.US had signs of violating securities laws. The commission further asserted that Voyager’s VGX token is a security contract, thus compensating users for an unauthorized sale and transfer of securities.
In addition, the New York Department of Financial Services and the New York State Attorney General also accused Voyager of illegally doing business here.
Recently, three US senators also suggested that the US exchange’s business activities are related to illegal activities and asked the cryptocurrency exchange to “provide transparent information.” about legal risks in business.” However, Binance and Binance.US have confirmed they will soon respond to the lawmaker’s request.
In another notable development this week, Voyager added two more provisions to its bankruptcy filing. In it, it is proposed that the United States and regulators cannot allege that the restructuring transaction conducted by Voyager violates any domestic rules, nor is it entitled to impose a position against them related parties. 97% of Voyager customers also agreed with Binance.US’s restructuring proposal.
It can be said that CZ’s question shows fatigue before the overwhelming pressure of legal authorities for the big man of the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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CZ Shares Shocking News: Binance May Withdraw Voyager Acquisition Deal
Key Points:
- Binance CEO Changpeng Zhao is considering exiting the acquisition of lending platform Voyager Digital.
- Binance remains committed to backing the deal and returning Voyager users’ funds as soon as possible.
- The correct action of CZ shows that they are tired of the intense legal pressures of the US government in recent times.
Facing regulatory authorities constantly putting pressure on the largest exchange in the market, CEO Binance Changpeng Zhao (CZ) wonders whether they should withdraw from the more than 1 billion dollar deal to save money and acquire bankrupt crypto company Voyager Digital.
On the evening of March 3, CEO CZ updated his Twitter account on whether to abandon the acquisition with crypto company Voyager.
However, in the following tweet, the Binance boss still pledged to support the deal and return the money to Voyager users as soon as possible if allowed to do so.
Since Binance.US reached an agreement to acquire Voyager for $1 billion in December 2022, various US regulators have expressed opposition. Last month, the US Securities and Exchange Commission (SEC) and the New York state government both said that the US branch of the Binance exchange did not have enough financial resources to carry out the acquisition. Soon after, the SEC signaled again that Binnace.US had signs of violating securities laws. The commission further asserted that Voyager’s VGX token is a security contract, thus compensating users for an unauthorized sale and transfer of securities.
In addition, the New York Department of Financial Services and the New York State Attorney General also accused Voyager of illegally doing business here.
Recently, three US senators also suggested that the US exchange’s business activities are related to illegal activities and asked the cryptocurrency exchange to “provide transparent information.” about legal risks in business.” However, Binance and Binance.US have confirmed they will soon respond to the lawmaker’s request.
In another notable development this week, Voyager added two more provisions to its bankruptcy filing. In it, it is proposed that the United States and regulators cannot allege that the restructuring transaction conducted by Voyager violates any domestic rules, nor is it entitled to impose a position against them related parties. 97% of Voyager customers also agreed with Binance.US’s restructuring proposal.
It can be said that CZ’s question shows fatigue before the overwhelming pressure of legal authorities for the big man of the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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