The regulatory body raised concerns that there is no proof that the transaction complies with US Securities law.
A federal bankruptcy judge in the US, Michael Wiles, has given Voyager Digital the go-ahead with its modified restructuring plans, which include Binance.US buying its assets. The crypto exchange emerged as the highest bidder for Voyager’s asset in December, with the deal valued at $1.022 billion. While Binance was to make a $10 million deposit, it was also supposed to offer up to $15 million to Voyager for certain expenses. However, the deal faced multiple challenges and significant opposition from the United States Security and Exchange Commission (គណៈកម្មាធិការមូលបត្រ).
Judge Approves Voyager Digital’s Move to Sell Assets to Binance.US
Following a four-day marathon hearing concerning the agreement between Voyager Digital and Binance.US, the federal judge gave Voyager Digital the approval to sell its assets to the crypto exchange on March 7. In addition to permitting to conclude the sale, impacted Voyager Digital customers will also receive about 73% of what they are owed. Contrary to the SEC claim that the redistribution of funds from Voyager Digital to Binance.US violates securities laws, the judge said:
"ខ្ញុំមិនអាចដាក់ករណីទាំងមូលចូលទៅក្នុងការបង្កកយ៉ាងជ្រៅដែលមិនអាចកំណត់បានទេ ខណៈដែលនិយតកររកឱ្យឃើញថាតើពួកគេជឿថាមានបញ្ហាជាមួយប្រតិបត្តិការ និងផែនការដែរឬទេ"។
According to Wiles, there is no actual evidence that should cause a denial for Binance.US to move ahead with the deal with Voyager Digital. He mentioned that he is in “the absolutely unenviable position of having to make a ruling about the proposed transaction in the face of hearsay accusations of potential wrongdoing in an industry where other firms have apparently engaged in real wrongdoing.”
The federal judge maintained his stance that he had not received any evidence indicating that the US branch of Binance could misused customer assets, hindering its proposed contract with Voyager Digital. Therefore, he ruled the SEC’s objection as “vague.” This also answered SEC attorney William Uptegrove’s claims at a hearing last week. The lawyer said SEC investigators believe Binance.US is operating an unregistered securities exchange. In response, Wiles said the financial watchdog did not present supporting evidence to its claims.
The court approval for Voyager Digital and Binance.US to progress with the deal does not mean it would be successful. Voyager Digital could still decide to take a walk from the proposal. According to its financial advisors, the company needs up to four weeks to review new concerns. Voyager wants to evaluate Binance.US’ regulatory compliance, commitment, and the security of its customers’ deposits.
Ibukun គឺជាអ្នកនិពន្ធរូបិយបណ្ណ/ហិរញ្ញវត្ថុដែលចាប់អារម្មណ៍ក្នុងការបញ្ជូនព័ត៌មានដែលពាក់ព័ន្ធ ដោយប្រើពាក្យមិនស្មុគស្មាញ ដើម្បីទៅដល់ទស្សនិកជនគ្រប់ប្រភេទ។
ក្រៅពីការសរសេរ នាងចូលចិត្តមើលកុន ធ្វើម្ហូប និងរុករកភោជនីយដ្ឋាននៅក្នុងទីក្រុង Lagos ជាកន្លែងដែលនាងរស់នៅ។
Source: https://www.coinspeaker.com/voyager-binance-us-billion-dollar-deal-approval/