Fun

SEC Intervenes in Binance US Acquisition of Bankrupt Crypto Lender Voyager Digital’s Assets

News Feed - 2023-01-06 10:01:34

SEC Intervenes in Binance US Acquisition of Bankrupt Crypto Lender Voyager Digital"s Assets


The U.S. Securities and Exchange Commission (SEC) has intervened in the asset purchase agreement between Binance US and bankrupt crypto lender Voyager Digital. The securities regulator explained that it is “formally investigating whether the debtors and others violated the anti-fraud and other provisions of the federal securities laws.” SEC Intervenes in Binance-Voyager Asset Purchase Deal


The U.S. Securities and Exchange Commission (SEC) filed a “limited objection” to the asset purchase agreement between bankrupt crypto firm Voyager Digital and the U.S. arm of crypto exchange Binance on Wednesday. The court filing details: The SEC is formally investigating whether the debtors [Voyager Digital] and others violated the anti-fraud and other provisions of the federal securities laws.


The securities regulator explained that Voyager Digital is seeking “conditional approval of the Disclosure Statement in support of their Chapter 11 plan … and approval of an asset purchase agreement (APA) with BAM Trading Services Inc. d/b/a Binance.US.”


However, the SEC said the Disclosure Statement and the APA fail to include some “necessary information,” such as: The ability of Binance US to consummate a transaction of this magnitude, which the debtors value at $1.022 billion … [and] the nature of Binance US’s business operations after the acquisition.


The Disclosure Statement and the APA also fail to include sufficient details regarding “how the debtors intend to secure customer assets” during the implementation of the plan and “the rebalancing of the debtors’ cryptocurrency portfolio,” the regulator added.


Crypto exchange Binance announced on Dec. 18 that its U.S. entity has entered into an agreement to acquire Voyager’s assets.


The SEC further noted that its staff has communicated the regulator’s concerns to the debtors’ counsel and has been advised that a revised Disclosure Statement will be filed.


Regarding the Disclosure Statement motion and the APA motion, the court filing concludes: The SEC requests that the court deny approval of the motions subject to the debtors sufficiently addressing the issues raised above and grant such other and further relief that is just and proper. Tags in this story bankrupt Voyager, Binance, Binance buys Voyager assets, SEC, SEC binance, SEC blocks Binance Voyager, SEC objects Binance, SEC objects Voyager Binance, SEC Voyager, voyager


What do you think about the SEC intervening in the asset purchase deal between Binance US and bankrupt crypto lender Voyager Digital? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Government Seizes Robinhood Shares Linked to FTX Founder Sam Bankman-Fried REGULATION | 4 hours ago US Bankruptcy Court Rules Celsius Deposits Belong to the Firm REGULATION | 23 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleReport: Fanatics to Sell 60% of Candy Digital Stake Amid Struggling NFT Market Next articleUS Government Seizes Robinhood Shares Linked to FTX Founder Sam Bankman-Fried Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing Economist Predicts the Fed"s Response to Inflation Will Push Crypto Higher Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says ‘Mass Crypto Adoption Well Underway’
Real Estate Platform Pacaso Accepts Crypto Assets for Payments, CEO Says "Mass Crypto Adoption Well Underway" On October 20, the day bitcoin smashed a new all-time price high, the
Ethereum Gets Massive $12,000 Price Tag From Research Lead Ahead Of Major Upgrade
Este artículo también está disponible en español. DeFi protocol Derive’s Head of Research, Dr. Sean Dawson, has provided a bullish prediction for the Ethereum price. He
Binance to cease all Nigerian naira transactions by March 8
Helen Partz13 hours agoBinance to cease all Nigerian naira transactions by March 8Binance will suspend all services involving the Nigerian naira later this week after facing issues with local financial regulators.9984 To
This Year’s Gallup Poll Findings Suggest 6% of US Investors Own Bitcoin
This Year"s Gallup Poll Findings Suggest 6% of US Investors Own Bitcoin Young U.S. investors are more interested in bitcoin investments than they were three year
Tom Mitchelhill8 hours agoCrypto market ‘dramatically underestimates’ bullishness of spot Bitcoin ETFs“It’s reckless not to aggressively accumulate BTC at current levels,” K33 senior analyst Velte Lund says in
Capital One Files Patent for Cryptocurrency Market AI Prediction System
Capital One Files Patent for Cryptocurrency Market AI Prediction SystemMajor U.S. financial services company Capital One has filed a new patent application for a cryptocurrency anal
Bitcoin investment product inflows topped $1B as BTC rallied to $66K — CoinShares report
Nancy Lubale8 hours agoBitcoin investment product inflows topped $1B as BTC rallied to $66K — CoinShares reportInvestors piled into Bitcoin investment funds and crypto ETPs, with more than $1 billion in inflows over th
Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis
Hackers Stole $3.8 Billion From Crypto Firms in 2022, Says Chainalysis Blockchain analytics firm Chainalysis says 2022 was “the biggest year ever for crypto hacking,” w
Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong
Chinese State-Owned Company Launches 2 Crypto Funds in Hong Kong One of China’s leading insurers has backed the establishment of two crypto investment funds in Hong Kong. The bus
Brayden Lindrea7 minutes agoEthereum layer 2 zkEVM ‘Scroll’ confirms mainnet launchBlockchain data from Etherscan suggest Scroll’s mainnet was live over a week ago.37 Total viewsListen to article 0:00NewsJoin us on
Jesse Coghlan7 hours agoSEC asks judge to reject Coinbase’s motion to dismiss lawsuitThe regulator has asked a federal judge to deny Coinbase’s motion to dismiss its lawsuit, claiming the exchange knew the cryptocurr
Turkish President Erdogan Says Cryptocurrency Law Is Ready as Crypto Regulator Fines Binance 8 Million Lira
Turkish President Erdogan Says Cryptocurrency Law Is Ready as Crypto Regulator Fines Binance 8 Million Lira Turkey’s President Recep Tayyip Erdoğan reportedly announce