The Asset purchase arrangement between Binance US crypto lender in bankruptcy Voyager Digital Despite opposition from several regulators such as the US Securities and Exchange Commission, the court has granted initial approval.
Court Okays Binance US Acquisition of Voyager Assets
The Proposed asset purchase agreement between the US branch of cryptocurrency exchange Binance (Binance US) and bankrupt crypto lender Voyager Digital reportedly received initial approval from the court on Tuesday.
The The deal was approved by the court despite objections from the US Securities and Exchange Commission, and several state securities regulators. Also, the Committee on Foreign Investment in the United States (CFIUS), an interagency agency that evaluates the national security risks associated with foreign investments in US companies, raised concerns. Binance US- Voyager. CFIUS stated in a Dec 30 court filing that its review “could affect the parties’ ability to complete the transactions, the timing of completion, or the relevant terms.”
Voyager’s lawyer, Joshua Sussberg, said during Tuesday’s court hearing that the crypto lender had responded to the questions raised by CFIUS.
We You can coordinate with Binance They will work with their lawyers to address the query and to also voluntarily submit a request for this to be moved forward.
Under The agreement, Voyager customers will be transferred to Binance US, the lawyer said, explaining that the agreement includes a $20 million cash payment.
If The deal is accepted, Voyager customers will be able to withdraw their funds for the first time since July 2005 when the crypto lender filed for bankruptcy.
Voyager customers can recover 51% of the value of their deposits in bankruptcy filings if they sign an asset purchase agreement. Binance US is currently closed, Sussberg noted. However, If CFIUS prevents the transaction, Voyager will be forced to use the cryptocurrencies it holds to pay customers, he said, noting that this would result in a lower payment for Voyager users.
Despite The asset purchase agreement between Binance US and Voyager, the court allowed the sale to proceed. However, it clarified that regulators could challenge the final approval of the sale later.
What What are your thoughts on the court allowing crypto lenders to go bankrupt? Voyager’s Asset purchase deal Binance US, despite opposition by the SEC and other regulators Please let us know your thoughts in the comments section.
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