Bankrupt cryptocurrency lender Voyager Digital has secured court approval to sell its assets and transfer its users to Binance.US, in a deal valued at $1.3 billion, though the firm still has to clear additional hurdles before the deal is finalized.
US bankruptcy Judge Michael Wiles has approved Voyager’s restructuring plan, centered on the Binance.US acquisition, at a hearing in New York. Binance.US agreed to pay $20 million in cash to the lender, and crypto deposited by its users.
Voyager users’ digital assets were valued at $1.3 billion in February and account for the bulk of the deal’s valuation. The restructuring plan was approved after Wiles overruled a “vague” objection to the acquisition by the U.S. Securities and Exchange Commission (SEC).
SEC attorney William Uptegrove accused Binance.US of operating an unregistered securities exchange. Judge Wiles stated, however, that the SEC had not provided any concrete evidence to support their claim. Wiles also criticized the SEC for waiting until the last minute to raise their concerns.
Voyager’s financial advisors have requested up to four weeks to review several issues related to the acquisition. These issues include Binance.US's regulatory compliance, commitment to the acquisition, and the security of customer deposits.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/mar/08/
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