The US Securities and Exchange Commission (SEC) has filed a New York bankruptcy court objection to Binance.US’s proposed plan to buy bankrupt crypto lender Voyager Digital for $1 billion.
According to SEC lawyers, the purchase agreement does not provide enough detail about Binance.US’s ability to close the deal. More information is needed on what Binance’s operations in the US will look like after the deal, as well as more information on how the assets of the exchange’s customers will be protected, the agency said.
“The ability of Binance.US to complete a transaction of this magnitude, valued at more than $1 billion by debtors, is questionable, including the future nature of Binance US’s post-acquisition business operations.” says
in the regulator’s statement.
The SEC has requested additional information from Binance.US regarding the future rebalancing of the Voyager cryptocurrency portfolio. Thus, the regulator wants to ensure that customer funds are returned in full before Voyager gets anything from the deal.
Recall that in December, the American branch of the Binance cryptocurrency exchange won a tender to acquire the assets of the bankrupt crypto lender Voyager Digital, offering the best buyout conditions. The deal is expected to close by April 18, 2023
Source: Bits
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