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News

Voyager-Binance.US Deal Backed By Bankruptcy Judge

March 16, 2023 - Around 2 mins mins to read

Key Points:

  • Binance.US’s $1 billion offer to acquire Voyager’s assets should continue, according to bankruptcy judge Michael Wiles, who refused the US government’s request to halt proceedings awaiting appeal.
  • The agreement does not exclude any regulatory action, including steps to halt crypto sales and distributions, according to Wiles.
  • The US government and agencies were vehemently opposed to the prior accord.
In a court filing on Wednesday, a bankruptcy judge opted to allow Binance.US to make a $1 billion bid to purchase Voyager assets, rejecting the US government’s plea to suspend enforcement until an appeal.
Voyager-Binance.US Deal Backed By Bankruptcy Judge

Damian Williams, an attorney for the US government, said that the agreement should be changed or canceled because it breaches tax or federal securities rules.

Judge Michael Wiles of the Southern District of New York, on the other hand, stated the settlement he authorized was not breached and that any delay would harm Voyager customers who have not been able to receive their money back since the company declared bankruptcy in July 2022.

Judge Wiles further said that the conditions of the agreement do not exclude any regulatory action, including efforts to impede the scheme’s hoped-for sale and distribution of cryptocurrency.

“Instead, the Government’s papers exaggerate and in some places mischaracterize what I have done and the authorities on which I have relied, and in other instances rely on hyperbole or on “straw man” arguments,” Wiles wrote in the filing.

Binance.US’ asset purchase, initially slated for March 15, has been rescheduled until March 20 under another agreement reached by Voyager.

Voyager-Binance.US Deal Backed By Bankruptcy Judge

As Coincu reported, the court earlier allowed Binance.US’s acquisition of Voyager.

Nevertheless, the US authorities subsequently said in a statement that Binance.US’s $1 billion deal to buy the assets of bankrupt crypto lender Voyager should be put on hold until serious legal issues are addressed.

The Securities and Exchange Commission (SEC) of the United States and the state government of New York have both objected to Voyager’s planned $1 billion sale to Binance.US. According to the authorities, the Binance.US-Voyager deal looks to breach US law in terms of investor compensation.

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

Harold

Coincu News

Binance.US

crypto

Michael Wiles

SEC

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Voyager-Binance.US Deal Backed By Bankruptcy Judge

Key Points:

  • Binance.US’s $1 billion offer to acquire Voyager’s assets should continue, according to bankruptcy judge Michael Wiles, who refused the US government’s request to halt proceedings awaiting appeal.
  • The agreement does not exclude any regulatory action, including steps to halt crypto sales and distributions, according to Wiles.
  • The US government and agencies were vehemently opposed to the prior accord.
In a court filing on Wednesday, a bankruptcy judge opted to allow Binance.US to make a $1 billion bid to purchase Voyager assets, rejecting the US government’s plea to suspend enforcement until an appeal.
Voyager-Binance.US Deal Backed By Bankruptcy Judge

Damian Williams, an attorney for the US government, said that the agreement should be changed or canceled because it breaches tax or federal securities rules.

Judge Michael Wiles of the Southern District of New York, on the other hand, stated the settlement he authorized was not breached and that any delay would harm Voyager customers who have not been able to receive their money back since the company declared bankruptcy in July 2022.

Judge Wiles further said that the conditions of the agreement do not exclude any regulatory action, including efforts to impede the scheme’s hoped-for sale and distribution of cryptocurrency.

“Instead, the Government’s papers exaggerate and in some places mischaracterize what I have done and the authorities on which I have relied, and in other instances rely on hyperbole or on “straw man” arguments,” Wiles wrote in the filing.

Binance.US’ asset purchase, initially slated for March 15, has been rescheduled until March 20 under another agreement reached by Voyager.

Voyager-Binance.US Deal Backed By Bankruptcy Judge

As Coincu reported, the court earlier allowed Binance.US’s acquisition of Voyager.

Nevertheless, the US authorities subsequently said in a statement that Binance.US’s $1 billion deal to buy the assets of bankrupt crypto lender Voyager should be put on hold until serious legal issues are addressed.

The Securities and Exchange Commission (SEC) of the United States and the state government of New York have both objected to Voyager’s planned $1 billion sale to Binance.US. According to the authorities, the Binance.US-Voyager deal looks to breach US law in terms of investor compensation.

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

Harold

Coincu News

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