1 year ago
The U.S. Securities and Exchange Commission (SEC) is pausing Voyager Digital’s plans to merchantability its assets to Binance.US, according to a tribunal filing dated Jan. 4.
In that constricted objection, the SEC asserted that Voyager has failed to supply definite pieces of information. Specifically, it said that Voyager has not shown that Binance.US volition beryllium capable to transportation retired a transaction that volition beryllium larger than $1 billion.
Furthermore, the SEC said that Voyager has not provided capable item astir however it plans to unafraid lawsuit assets against theft oregon loss. The regulator besides said that Voyager hasn’t shown however it mightiness rebalance its crypto portfolio if the merchantability transaction is not successfully completed by a definite date.
The SEC said that the issues raised contiguous person been sent to Voyagers’s counsel. It besides said that it has been told that a revised connection volition beryllium provided.
Voyager’s woes
Voyager Digital halted withdrawals and declared bankruptcy during the archetypal week of July 2022. It began the process of auctioning its assets successful the months that followed. Though FTX was initially named arsenic the palmy bidder successful Voyager’s auction, FTX itself went bankrupt successful November, forcing some companies to wantonness the deal.
Voyager soon resumed the auction. Binance.US, 1 of the apical bidders successful the archetypal phase, re-entered the auction and placed the highest bid. On Dec. 19, it was announced that Binance.US would purchase Voyager Digital’s assets for $1.022 billion.
The supra woody volition let funds to beryllium afloat distributed to users. Though Voyager gained support to resume definite cash withdrawals successful August, it seems that this did not see each idiosyncratic assets and that the auction is indispensable to marque users whole.
The station SEC files constricted objection to Voyager-Binance.US deal appeared archetypal connected CryptoSlate.
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