Binance US acquires Voyager’s assets upon court clearance

The court hearing over the case noted that the SEC’s opposition to Binance was “vague.”

Binance’s American subsidiary has overcome the U.S. Securities and Exchange Commission (SEC). Bloomberg reported that the US cryptocurrency exchange acquired the opportunity to buy Voyager Digital’s assets. After four days of the hearing, the Southern District of New York bankruptcy judge, Michael Wiles, approved the crypto exchange. The court invalidated the SEC’s claims.

Early in January 2023, the commission submitted a limited objection to the transaction. The panel’s primary concern was how the US cryptocurrency exchange could finance such a huge transaction. In addition, the regulatory body said that portions of the transaction breached federal laws and that the business may have violated securities legislation.

The court judged the SEC’s objection to being “vague.” Regarding the infringement of the securities legislation, Judge Wiles claimed that the commission had failed to provide supporting evidence. According to Reuters, the court also noted that the commission waited until the last minute to raise red flags.

Binance.US will now be allowed to buy Voyager’s assets for approximately $1 billion upon clearance. Moreover, the deal’s approval might result in a 73% recovery for creditors.

Binance.US released a statement on Twitter. “Our objective has always been to refund customers’ cryptocurrencies within the shortest feasible timeframe and to give people control over their assets. We anticipate closing the acquisition and welcome Voyager clients to Binance.US, where they can anticipate the highest levels of service and support.”

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