Regulator objects to Binance.US purchase of Voyager Digital

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Securities and Exchange CommissionUSA (SEC) filed in New York Bankruptcy Court to oppose Binance.US's proposed plan to buy bankrupt crypto lender Voyager Digital for $1 billion.

According to SEC lawyers, the agreementpurchase does not provide enough detail about Binance.US's ability to close the deal. According to department experts, more information is needed about what Binance’s operations in the United States will look like after the transaction, as well as additional information about how the assets of the exchange’s clients will be protected.

“The ability of Binance is questionable.US to complete a transaction of such magnitude that the debtors value it at more than $1 billion, including the future nature of Binance US's business operations following the acquisition," it said.
in a statement from the regulator.

The SEC has asked Binance.US for additional information on the future rebalancing of the Voyager cryptocurrency portfolio. Thus, the regulator wants to ensure that customer funds are returned in full before Voyager receives anything from the transaction.

Let us recall that in December the American branch of the Binance cryptocurrency exchange won
tender for the acquisition of assets of the bankrupt crypto lender Voyager Digital, offering the best buyout conditions. The transaction is expected to close by April 18, 2023