Binance’s Voyager takeover still getting regulatory objections, despite court approval
Proactive Investors
Published Mar 10, 2023 22:11
Updated Mar 10, 2023 22:30
Binance’s Voyager takeover still getting regulatory objections, despite court approval
The US Department of Justice (DoJ) has fired back an appeal at the US Bankruptcy Court’s decision to allow Binance’s US entity the right to purchase assets belonging to collapse cryptocurrency lender Voyager Digital (CSE:VYGR, OTCQX:VYGVF).
It comes three days after Judge Michael Wiles put his foot down on the Securities and Exchange Commission (SEC)’s attempts to hold up the deal, which would see nearly three quarters of Voyager’s debts repaid to creditors.
US regulators’ concerns over the deal appear rooted in the belief that Binance is running an unregistered securities exchange in the US, in violation of US securities law.
But Judge Wiles struck a stern tone to the SEC, stating: “Things have to be done. We have creditors who are waiting and who in the midst of all of this uncertainty have no access to property in which they’ve invested, in some cases, their life savings, so we have to take some kind of action.”
Voyager Digital was a prominent victim of the 2022 crypto crisis which saw the implosion of numerous companies in the sector, including FTX, formerly the world’s second-largest crypto exchange.
The overwhelming majority of Voyager creditors support Binance’s takeover bid.
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